Shortly after the Reid Ryan press conference naming him the Astros new team president, we learn that the Astros will sign a letter of intent to purchase the Corpus Christi Hooks, their Class AA minor league affiliate.
Minor league teams typically have their own ownership groups, and sign player-development contracts to become a major league organization's minor league affiliate. This is why we sometimes see minor league teams play musical chairs with major league organizations.
According to Greg Rajan, Hooks officials will report to Reid Ryan in Houston, which shouldn't be anything new for them as he was heavily involved in Hooks operations.
According to Brian T. Smith, the Astros will assume control of the Hooks after the 2013 season.
More about the purchase:
#cchooks prez Ken Schrom says Ryan made sure CC will be Astros affiliate "until a meteor hits earth." Sale will be finalized in fall.— Greg Rajan (@GregRajan) May 17, 2013
The Astros buying Corpus franchise accomplishes two things: first, the obvious: they run it and profit from it, just like any biz venture.— Alyson Footer (@alysonfooter) May 17, 2013
Two, there will be no need to negotiate contracts to have CC as the Astros affiliate. CC can't switch affliates, because the Astros own it.— Alyson Footer (@alysonfooter) May 17, 2013