Dish-Houston

Houston Astros owner Drayton McLane has officially announced he has agreed to sell the Houston Astros to a group led by local businessman Jim Crane, who tried to buy the team three years ago.

Terms have not been disclosed however, the sale is subject to approval by Major League Baseball.

McLane bought the team in November 1992 for about $117 million, put the franchise up for sale in November. Multiple reports have said McLane was asking about $680 million but nothings been confirmed. Speculation was the prices was driven down by the team lowest attendance this year in franchise history.

A major selling point was the team's share in a new deal with the NBA's Houston Rockets to create a regional sports network that will begin airing Rockets games in 2012 and the Astros in 2013. Any deal was also expected to address the team's lease at Minute Maid Park, which is owned by the Harris County Houston Sports Authority.

Crane, who founded a Houston-based logistics company in 2008, is the chairman and chief executive of Crane Capital, a private equity fund company. In 2009, he was in the running to buy the Chicago Cubs and last summer teamed with Dallas Mavericks owner Mark Cuban in a bid to buy the Texas Rangers. Both times, he fell short.

The franchise, playing its 50th season, has reached unprecedented success with McLane as the owner, making the playoffs six times since 1997.

But Houston has finished with a losing record in three of the past four seasons and attendance has dwindled as the team began rebuilding after the departure of its most recognizable stars. Jeff Bagwell and Craig Biggio were both gone by the 2008 season, and Houston traded pitching ace Roy Oswalt and five-time All-Star Lance Berkman in 2010. Headed into Monday's games, the Astros were a National League-worst 15-25 and only the Twins had a worse record in the majors.