HOUSTON -

The Houston Livestock Show and Rodeo board of directors announced Friday that they will be purchasing a portion of the land where Six Flags - AstroWorld used to stand.

The show is planning to purchase 48 out of the 92 acres from MHB Asset LP, Fort Worth.

Houston Livestock Show & Rodeo officials said the land will provide significant operating opportunities, including spectator parking, support personnel, support vehicles and logistical operations.

The property has access to the pedestrian bridge that crosses over Loop 610 to the Reliant Park parking lot, where the show is held.

The purchase price of the land is $42,863,040.

Rodeo officials said the purchase agreement is subject to final execution and closing.