Sale of Astros nears close

May 13, 2011 6:14:07 PM PDT
Houston Astros owner Drayton McLane is "very confident" he will be able to complete the sale of his team to businessman Jim Crane, but says they are still working on finalizing the agreement.

He says they've had an agreement in principle for a couple of weeks, but that they are still negotiating the deal and "it just takes time to finish the agreement."

McLane purchased the team in November 1992 for about $117 million. He put the franchise up for sale in November and retained the New York investment firm Allen and Co. to help him broker the deal.