Group headed by Jim Crane completes purchase of Astros

HOUSTON, TX  --  The purchase of the Houston Astros by a group headed by Houston businessman James Crane from Drayton McLane, Jr. was officially completed today.

Crane’s group, which consists of mostly-local investors, becomes the fifth owner of the Houston franchise, which began play in the Major Leagues as the Colt 45s in 1962. McLane had owned the club since November 9, 1992.

Crane will be the Astros Owner and Chairman.  George Postolos will serve as the club’s President and CEO. 

“My partners and I are extremely excited,” Crane said.  “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, a former standout college baseball pitcher at Central Missouri State University, is CEO and President of Crane Capital Group, Inc., is the owner of Champion Energy Services and owner of Crane Worldwide Logistics (CWL), a premier provider of customized transportation and logistics services.  In addition to his love of baseball, Crane is an avid golfer. In 2006, his .08 handicap earned him the number one CEO Golfer ranking by Golf Digest. In 2010, Crane acquired the Floridian, a private golf resort in Palm City, FL.

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, a dedicated sports advisory practice.  Postolos has been an advisor to Crane on sports matters for over four years.