"I welcome Jim Crane and his group as they prepare to become the new stewards of the Astros," MLB Commissioner Bud Selig said in a statement.
"I thank them for their patience and determination throughout a long but necessary process, which allowed us to accomplish our due diligence."
Under McLane, who put the team up for sale last November, the Astros have experienced some of the greatest moments in the franchise's history, including winning the NL pennant in 2005 and the opening of Minute Maid Park in 2000.
Houston's eventual move to the AL West will put them in a division with cross-state rival Texas Rangers, the Oakland Athletics, Los Angeles Angels and Seattle Mariners.
It will also mark MLB's first realignment since the Milwaukee Brewers moved from the AL Central to the NL Central before the 1998 season.
When the Astros switch divisions, MLB will have 15 clubs in each league and five clubs in each of its six divisions for the first time.
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