Drayton McLane sold the Astros a few years back for about $645 Million. (You can assume he sold it at the end of 2011). He originally purchased the team at the end of 1992 for $117 million. Back in 1992 the S&P 500 stock market index was at about $30 and it was about $120 at the end of 2011 (adjusted for splits and dividends). You can assume the yield on treasuries was about 4% over the period and the expected market risk premium was 5.5%. Also, forget about any other cash flows from ownership rights, franchise fees, subsidies for the stadium etc. Assume the whole deal was 100% equity. Based on the purchase and sale price, was it a good deal?