Astros owner holding a press conference this afternoon to announce team is for sale

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Reports surfaced late last night that Astros owner Drayton McLane has hired an investment bank to help him sell the team and he’s now expected to make an official announcement today with a press conference scheduled for 3:30 ET.

Zachary Levine of the Houston Chronicle reports that McLane declined to return phone calls seeking more information, but enough details have already leaked out that the picture is pretty clear.

McLane, who has owned the team since 1992, is definitely looking to sell the team rather than simply testing the waters to see what kind of offers are out there, and he’s expected to seek $800 million for the Astros and their newly created local television network.