Group led by Crane completes deal for Astros

Houston Astros new baseball team owner Jim Crane answers a question during a news conference on Thursday, Nov. 17, 2011, in Houston. (AP Photo/David J. Phillip)

November 22, 2011 1:21:26 PM PST
The sale of the Astros is now officially a done deal.

According to the Astros, the group headed by businessman Jim Crane has completed the purchase of the team from former owner Drayton McLane, Jr. Crane will serve as Astros owner and chairman. George Postolos will serve as president and CEO

"My partners and I are extremely excited," Crane said in a release issued on Tuesday. "We want to thank everyone - especially the fans - for all their support and kind words. Now, we'll turn our attention to bringing a winner back to Houston. Happy Thanksgiving to all."

Crane is CEO and President of Crane Capital Group, Inc. Postolos has previously served as President and CEO of the Houston Rockets, Special Assistant to NBA Commissioner David Stern, and President of The Postolos Group LP.

With the sale, the Astros will move to the American League in 2013.

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