In a shocking development Monday afternoon Astros President and CEO George Postolos abruptly resigned from his post. Postolos was a key player in Jim Crane’s 2011 purchase of the team and one of Crane’s first acts as owner was naming him President and CEO.
After spending eight years as an executive with the Houston Rockets, Postolos started his own consulting firm, The Postolos Group, specializing in the acquisition of sports franchises. Crane consulted with Postolos in his failed attempts to buy the Texas Rangers and the Chicago Cubs before successfully purchasing the Astros.
Postolos was also instrumental in the creation of Comcast SportsNet Houston, the Astros and Rockets Regional Sports Network that was launched late last year. Whether or not the failure of CSN Houston to reach agreements with most of the major carriers played a role in Postolos’ resignation remains a mystery. What effect his resignation could have on the ongoing negotiations remains to be seen. With no deal in place, it couldn’t get much worse anyway.
Postolos released the following statement and went on to say that he will go back to work as a consultant assisting sports investors.
I am very proud of what Jim accomplished with my help — acquiring a Major League franchise with a strong and diverse ownership group, developing and implementing a good plan for the team’s future and assembling a first-rate management team.
Jim Crane, now faced with the task of finding a replacement, had this to say.
We appreciate George’s hard work in the acquisition of the Astros and his commitment to the organization. I’d also like to personally thank him for the assistance that he has provided to me over the last several years and wish him the best of luck in the future.
Now. Let the Nolan Ryan rumors begin.