The proposed sale of the Houston Astros from John McMullen to Drayton McLane Jr. for a reported $90 million is either "virtually a done deal" or "totally up in the air," published reports say.
In copyright stories today, the Houston Post quoted sources as saying the sale is all but completed, while the Houston Chronicle quotes both parties as saying they are still negotiating and have not reached an agreement.Accountants from both sides are attempting to iron out tax ramifications, particularly for McMullen, who purchased the baseball team in 1979 for about $18 million, the Post says.
McLane returned to his home in Temple from Houston on Thursday, prompting speculation that an announcement on the sale could come as soon as today, the Post reported.
But McLane told the Houston Chronicle that a deal is "still totally up in the air."
"We're still negotiating. We've set a target date for next Friday, and I assure you that we have not reached an agreement," McLane told the Chronicle from Temple on Thursday night. "We have a number of hurdles to get over."
McLane, the second-leading stockholder in Wal-Mart, has been negotiating in earnest with McMullen for at least two months.