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Jim Crane
James Robert Crane (born January 17, 1954) is an American businessman. Crane is chairman and chief executive of Crane Capital Group, Crane Worldwide Logistics, and Crane Freight and Shipping. He is also the owner and chairman of the Houston Astros of Major League Baseball (MLB). Under his ownership, the Astros have won two World Series championships (2017, 2022).
Crane, who grew up in the north St. Louis suburb of Dellwood, Missouri, attended Lutheran High School North and graduated in 1972. He gave the school a donation of $1 million to improve their athletic facilities and enlarge the size of the campus from 40 acres to 67 in 2004. The school named the James R. Crane Athletic Complex for his contribution.
Crane earned a Bachelor of Science degree in industrial safety from Central Missouri State University (CMSU) (now the University of Central Missouri) in 1976, where he became a member of the fraternity, Tau Kappa Epsilon. Crane pitched for the Central Missouri Mules baseball team. He was an honorable mention Division II All-American going 21–8 with a 2.42 ERA for UCM. His father died between his freshman and sophomore years, and Crane seriously thought about dropping out of college; however, his coach, Robert N. Tompkins, drove to his home in north St. Louis and talked Crane into returning to school.
After graduating from college, Crane went into the insurance business. He moved to Houston in 1980, and in March 1984, Crane borrowed $10,000 from his sister and founded Eagle USA Airfreight, an air-freight logistics business.
Eagle USA Airfreight later became Eagle Global Logistics, and then EGL, Inc., and moved into the supply-chain management and information-services business. In August 2007, EGL merged with United Kingdom-based CEVA Logistics, owned by American private equity capital management and leveraged-buyout firm Apollo Management L.P. Crane owned about 17.6% of EGL's stock at the time of the merger. He had wanted to do a leveraged, management, or combination buyout of EGL, prior to the merger with CEVA, but was unable to obtain financing on acceptable terms. Later, after Crane obtained equity backing, he initially offered $36 per-share for EGL, but Apollo then engaged in a bidding war and the shareholders eventually went with the Apollo/CEVA offer of $47.50 per share. He was opposed to the EGL and CEVA merger.
Crane took his profits from EGL and formed Crane Capital Group. He also became a director and shareholder (less than 1%) in Western Gas Holdings, LLC, the general partner in Western Gas Partners, LP, a midstream (mainly pipelines and natural gas gathering assets) energy company operating in the southeastern Rocky Mountain region and southern Mid-Continent area (Oklahoma and Texas) of the United States. Also, Crane Capital Group invests in gas lines and freight shipping ports in the Russian Federation and the People's Republic of China. Western Gas Holdings and Western Gas Partners were acquired by Anadarko Petroleum. Crane is also the majority shareholder in Crane Worldwide Logistics LLC, chairman of the board for CargoJet, and director of both Nabors Industries and natural gas company Western Midstream.
Crane first attempted to become a baseball owner in 2008, when he approached Drayton McLane about buying the team. However, he backed out at the last minute before a handshake deal could be done. He made bids to buy a team in both 2009 (for the Chicago Cubs) and 2010 (for the Texas Rangers), but neither effort succeeded, with the latter bid reportedly being rejected due to the influence of McLane despite reportedly being a better deal than the accepted one.
In May 2011, Crane reached an agreement to purchase the Houston Astros of Major League Baseball (MLB) from McLane for a reported $680 million. He was unanimously approved by MLB on November 17, 2011. MLB Commissioner Bud Selig intended for Houston to change divisions from the six-club National League Central to the four-club American League West. Crane received $35 million bumps from McLane and the MLB in exchange for this league-change stipulation, which was previously committed to by McLane.
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Jim Crane
James Robert Crane (born January 17, 1954) is an American businessman. Crane is chairman and chief executive of Crane Capital Group, Crane Worldwide Logistics, and Crane Freight and Shipping. He is also the owner and chairman of the Houston Astros of Major League Baseball (MLB). Under his ownership, the Astros have won two World Series championships (2017, 2022).
Crane, who grew up in the north St. Louis suburb of Dellwood, Missouri, attended Lutheran High School North and graduated in 1972. He gave the school a donation of $1 million to improve their athletic facilities and enlarge the size of the campus from 40 acres to 67 in 2004. The school named the James R. Crane Athletic Complex for his contribution.
Crane earned a Bachelor of Science degree in industrial safety from Central Missouri State University (CMSU) (now the University of Central Missouri) in 1976, where he became a member of the fraternity, Tau Kappa Epsilon. Crane pitched for the Central Missouri Mules baseball team. He was an honorable mention Division II All-American going 21–8 with a 2.42 ERA for UCM. His father died between his freshman and sophomore years, and Crane seriously thought about dropping out of college; however, his coach, Robert N. Tompkins, drove to his home in north St. Louis and talked Crane into returning to school.
After graduating from college, Crane went into the insurance business. He moved to Houston in 1980, and in March 1984, Crane borrowed $10,000 from his sister and founded Eagle USA Airfreight, an air-freight logistics business.
Eagle USA Airfreight later became Eagle Global Logistics, and then EGL, Inc., and moved into the supply-chain management and information-services business. In August 2007, EGL merged with United Kingdom-based CEVA Logistics, owned by American private equity capital management and leveraged-buyout firm Apollo Management L.P. Crane owned about 17.6% of EGL's stock at the time of the merger. He had wanted to do a leveraged, management, or combination buyout of EGL, prior to the merger with CEVA, but was unable to obtain financing on acceptable terms. Later, after Crane obtained equity backing, he initially offered $36 per-share for EGL, but Apollo then engaged in a bidding war and the shareholders eventually went with the Apollo/CEVA offer of $47.50 per share. He was opposed to the EGL and CEVA merger.
Crane took his profits from EGL and formed Crane Capital Group. He also became a director and shareholder (less than 1%) in Western Gas Holdings, LLC, the general partner in Western Gas Partners, LP, a midstream (mainly pipelines and natural gas gathering assets) energy company operating in the southeastern Rocky Mountain region and southern Mid-Continent area (Oklahoma and Texas) of the United States. Also, Crane Capital Group invests in gas lines and freight shipping ports in the Russian Federation and the People's Republic of China. Western Gas Holdings and Western Gas Partners were acquired by Anadarko Petroleum. Crane is also the majority shareholder in Crane Worldwide Logistics LLC, chairman of the board for CargoJet, and director of both Nabors Industries and natural gas company Western Midstream.
Crane first attempted to become a baseball owner in 2008, when he approached Drayton McLane about buying the team. However, he backed out at the last minute before a handshake deal could be done. He made bids to buy a team in both 2009 (for the Chicago Cubs) and 2010 (for the Texas Rangers), but neither effort succeeded, with the latter bid reportedly being rejected due to the influence of McLane despite reportedly being a better deal than the accepted one.
In May 2011, Crane reached an agreement to purchase the Houston Astros of Major League Baseball (MLB) from McLane for a reported $680 million. He was unanimously approved by MLB on November 17, 2011. MLB Commissioner Bud Selig intended for Houston to change divisions from the six-club National League Central to the four-club American League West. Crane received $35 million bumps from McLane and the MLB in exchange for this league-change stipulation, which was previously committed to by McLane.