Houston Astros owner Drayton McLane, Jr. has retained an investment banking firm in an effort to sell the franchise, myFOXhouston.com reported Friday.
McLane and New York City-based Allen & Co. will attempt to sell the Astros for $800 million, according to MLB sources.
McLane has owned the Astros since 1992. He has been the most successful owner in the history of the franchise and one of the most successful owners to ever grace the professional sports scene in Houston.
From 1993 to 2010 the Astros own the fourth-best record in the National League.
In 2005 the Astros won the National League championship and earned their first trip to the World Series.
From 1993 to 2009 only the Yankees, Braves, Red Sox and Cardinals made the playoffs more times than the Astros. But the team has fallen off over the past two seasons, finishing below .500 and failing to make the playoffs.
Prior to McLane buying the franchise, the Astros made the postseason only three times in the first 31 years (1962-1992) of the franchise.
McLane's success with the Astros includes his efforts toward the construction of Minute Maid Park, moving his franchise there from the Astrodome in 2000.
And even with the eventual sale of his franchise on the horizon, McLane decided last month to spend as much as $12 million for the first major renovations to Minute Maid Park.
A key figure in Allen & Co. is Steve Greenberg, son of Hall of Famer Hank Greenberg.
In a May 25, 2010 article Fortune Magazine labels Greenberg "King of the Sports Deal."
According to Fortune, among Greenberg's many sports deals, he counseled Major League Baseball Commissioner Bud Selig and his family during their sale of the Milwaukee Brewers.