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IT'S OFFICIAL: ASTROS SIGN 30-YEAR LEASE FOR NEW BALLPARK
Published June 18, 1998
The Astros signed a 30-year lease yesterday to play in the new downtown ballpark starting in 2000, according to John Williams of the HOUSTON CHRONICLE. The signing "ends what at times has been tumultuous bargaining by the Astros." Under the lease agreement, the Astros will pay the Houston- Harris County Sports Authority $4.6M annual rent and put $2.5M each year in a fund for capital improvements. In return, the team will keep all revenues from the ballpark, which team Owner Drayton McLane has estimated could mean an additional $20M annually. Williams writes that officials "took great caution to strike a tough lease with McLane" and negotiated a deal that would "heavily penalize the Astros if they leave during the lease" (HOUSTON CHRONICLE, 6/18).