Are the new Astros owners the latest in a long line of debt-riddled ownership groups?

1 Comment

Jim Crane met the media as the owner-in-waiting for the Houston Astros yesterday, and that led to a couple of glowing reviews of his business acumen and his plans for the future of the organization. It also led to a report in Forbes that says $300 million of the $680 million sales price of the team will be debt-financed.

It’s hard to place this in any kind of context because the Forbes report is thin on (actually devoid of) detail.  What kind of debt is this, short or long term? Does that include the fairly standard line of credit that Major League Baseball extends all teams or is that separate? Is this secured by team property and future revenues or is it secured by, say, Jim Crane’s other businesses and/or personal property and that of the others in the ownership group? All of that matters. And, even if the report is true and the debts impinge on team assets, it’s in no case as bad as the McCourt financing of the Dodgers which represented far more than 100% of the purchase price.

But for all of the unknowns, the debt situation is worth looking into as the deal approaches closing.  Recent history has shown us that team debt matters, and seeing how the Astros sale is being handled will provide us some amount of insight as to whether Major League Baseball has learned anything from recent history.

Brandon Crawford homers off brother-in-law Gerrit Cole

Ezra Shaw/Getty Images
3 Comments

You can’t pick your family and no one knows that better than Giants shortstop Brandon Crawford. His sister Amy married Astros starter Gerrit Cole in November 2016, so the two players are brothers-in-law.

The two players have matched up against each other 18 times in the past, as Cole spent his first five seasons in the National League with the Pirates. Cole often won that battle, holding Crawford to four hits — all singles — in 18 plate appearances.

Crawford finally got the better of Cole on Tuesday night, hitting a line drive into the appropriately-named Crawford Boxes at Minute Maid Park for a two-run home run, cutting the Astros’ lead to 5-2.