Complex sentence: The team was owned by (and currently named after) the Kinki Nippon Railway, although it was sold to Orix in 2004; they will merge with the Orix Blue Wave before the start of the 2004-2005 season.
Split into simpler sentences: The team was owned by (and currently named after) the Kinki Nippon Railway. They were sold to The Orix Group in 2004 and they will merge with the Orix Blue Wave before the start of the 2004-2005 season.