McLane reached an agreement in May to sell the club to Crane, whose group consists of mostly local investors. The group becomes the fifth owner of the Houston franchise, which began play in the major leagues as the Colt .45s in 1962.
Crane will serve as owner and chairman, while George Postolos will become president and CEO.
"My partners and I are extremely excited," Crane said in a release. "We want to thank everyone -- especially the fans -- for all their support and kind words. Now, we'll turn our attention to bringing a winner back to Houston."
Major League Baseball approved the sale last week, when it was announced the longtime National League franchise will move to the American League West for the 2013 season.
McLane had owned the club since 1992.