BASEBALL / DAILY REPORT : AROUND THE MAJOR LEAGUES : McMullen Sells Astros
Houston Astro owner John McMullen has agreed to sell the team to Drayton McLane Jr., a Texas businessman.
No financial terms were disclosed, but a news conference was scheduled for 1:30 p.m. today at the Astrodome.
The sale must be approved by 75% of the National League owners and a majority of the American League club owners.
McLane is the second-largest stockholder in Arkansas-based Wal-Mart Corp. and president of McLane Co., a food distribution business.
McMullen said the deal would close at the end of October.
Reports said McLane was willing to pay more than $100 million for the team, the Astrodome lease and other assets. McMullen bought the team for about $18 million in 1979.
George Steinbrenner’s return to active control of the New York Yankees effective March 1 is expected to be announced today by the commissioner’s office.
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