Where does Astros’ owner Jim Crane rank in terms of net worth of Major League Baseball owners?
MLB Trade Rumors released a list of all Major League Baseball owner’s net worth this past week, as Houston Astros’ Jim Crane wasn’t among the richest.
Besides owning a professional baseball team. Crane is the chairman and chief executive of Crane Capital Group, Crane Worldwide Logistics, and Crane Freight and Shipping.
The 67-year-old purchased the Astros in May of 2011, after previous negotiations years before. Crane also looked to buy the Chicago Cubs and then the Texas Rangers between that time.
Crane’s real-time net worth is $1.4 billion, according to Forbes. This ranks 21st out of all major-league owners whose net worths were reported. Fans have shown their displeasure with the Astros spending over the last five seasons, but the ball club still nears the luxury tax threshold with each year passing.
Contributions to Crane’s net worth from Forbes:
- “Jim Crane led an investment group that paid $615 million in 2011 for MLB’s Houston Astros and a minority stake in a regional sports network.
- The value of the team has quadrupled since Crane’s acquisition. Crane owns an estimated 40% stake.
- Crane pocketed more than $300 million when he sold his freight logistics firm Eagle Global Logistics to Apollo Global Management in 2007.
- Crane launched another logistics business, Crane Worldwide, in 2008; annual revenue is more than $900 million.
- Crane owns the Floridian National Golf Club, whose members include former presidents Barack Obama and George Bush.”
Crane ranks second-to-last in net worth of all American League West clubs, even though he has the most success in the division since he bought the franchise. While his net worth isn’t a direct correlation to his spending, Crane has provided the funds to bring All-Star talent to Houston.