Investment group misses deadline to submit purchase offer for Houston Astros, owner stands pat

Investors miss bid deadline for Astros

HOUSTON — Houston Astros owner Drayton McLane is apparently keeping his team.

McLane, who bought the team in November 1992 for about $117 million, set a Jan. 31 deadline for an investment group to make an offer. On Monday, McLane said “nothing materialized” and he was looking ahead to the 2010 season.

McLane recently acknowledged that he listened to another offer to sell the team to Houston businessman Jim Crane in October 2008. He said Crane offered a “fair price,” but the two sides could not reach a deal.

Since McLane purchased the team, the Astros have ranked sixth in the majors in winning percentage (.530) and made six playoff appearances, including the franchise’s only World Series appearance in 2005.