Report: Astros to announce sale of team

Published May. 15, 2011 1:00 a.m. ET

The Houston Astros are planning a news conference on Monday to announce owner Drayton McLane has sold the franchise to Houston businessman Jim Crane, pending approval of Major League Baseball.

MLB sources told the two sides have yet to officially sign the agreement, but it is expected to happen Monday.

Crane and his group will buy the franchise for $680 million.

McLane bought the team in 1992 for $117 million.