As expected, today it was announced that the sale of the Houston Astros Baseball Club was officially approved by Major League Baseball.
The team was sold to a private investment group headed by Houston businessman and entrepeneur, Jim Crane. Mr. Crane is the owner of Crane Worldwide, a logistics company based in North Houston.
It appears that Major League Baseball gave Mr. Crane and his investors a $65 million discount on the purchase of the Astros in order to move the team from the National League to the American League starting in the 2013 season. Disadvantages for the Astros playing in the American League are reported to be paying a high salary for a designated hitter and lower television revenues elicited by late starting times when the Astros play teams on the West Coast.
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