Did Jim Crane overpay in the Astros deal? Texas Supreme Court hears case
Houston Astros owner Jim Crane after the team’s 5-2 win over the Philadelphia Phillies on Saturday. Crane is seeking a win court in a long-running dispute over the price he and his group paid for the Astros in 2011..As the Houston Astros battle the Philadelphia Phillies in the World Series, Astros owner Jim Crane is engaged in a decade-long legal fight with the previous ownership group claiming they lied and overcharged him by hundreds of millions of dollars when he bought the team in 2011.
Crane and Houston Baseball Partners, the entity created to buy the Astros, sued former owner Drayton McLane and media giant Comcast in 2013 claiming the defendants’ lies and deceptions caused them to pay far too much when they bought the Major League Baseball team and a stake in Houston Regional Sports Network for $615 million -- $283 million for the Astros and $332 for the network.
But Justice Jimmy Blacklock asked how Crane would calculate damages from a deal that seemingly has been quite lucrative. In April, Forbes published an article valuing the Astros franchise at $1.98 billion -- six times the purchase price.
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