Our family has loved being involved with the Houston Astros,” McLane said at a press conference at Minute Maid Park. “But it’s time to change and move forward.”
McLane cited estate planning as one of the reasons for his desire to sell the team, as he does not plan to keep it in the family with his sons Drayton and Denton.
He has hired the New York investment firm Allen & Company to assist him in the sale of the team, which an insider has tabbed as potentially a $700 million to a $800 million transaction.
Steve Greenberg — the son of Baseball Hall of Famer Hank Greenberg and a partner in the firm – said it would likely be a six- to 12-month process. McLane expects a long road to a deal as well.
“We have no buyer in mind today, but this is something we’re going to explore,” McLane said.
