Baseball team purchase in limbo

The purchase of the Class AA Norwich Connecticut Defenders baseball team by the Richmond Baseball Club seems to be undergoing a delay of game.

Norwich’s local paper The Day reported yesterday that there is no closing date scheduled for the deal, which current Defenders owner Lou DiBella said was “imminent”  in early April.

The sale is pending approval from the Major and Minor leagues. Neither DiBella or Bryan Bostic, head of the investors buying the team, provided any details about what may be holding up the approval, but it seems like missing paperwork could be the culprit.

From the article:

An earlier tentative closing date for the sale had to be postponed because the Richmond group did not submit all the necessary paperwork to baseball officials. Eastern League President Joe McEacharn could not be reached for comment last week, but said last month he hoped to receive the Richmond group’s application by the end of April and anticipated a quick review of the proposal.

In addition to receiving approval for the purchase, Bostic’s group must also receive permission to move the team to Richmond because the city is outside of the Eastern League’s territory, the AA division to which the Defenders belong.

Richmond Baseball Club set to take over Defender’s lease

Last month, Bryan Bostic of Richmond Baseball Club LC announced they planned to buy a AA baseball team in Connecticut to replace the AAA Richmond Braves.

Their plan to buy  the Connecticut  Defenders is closer to becoming a reality, despite no guarantee that the stadium slated for Shockoe Bottom will be built.

According to local newspaper The Day, Norwich City Council will consider a resolution next Monday that would assign the lease of Dodd Stadium to Richmond Baseball Club.

The Defenders’ current owner Lou DiBella said the team could be sold to Richmond by early April, according to The Day.  The sale is still awaiting approval from the Eastern League, which will likely require either a new stadium or an upgraded Diamond as a condition of the sale.

The Times-Dispatch previously reported the expected purchase price will be $15 million.

The Defenders current lease in Norwich ends in 2012, but there is a buyout provision that allows the lease holder to terminate early for a penalty of $140,000.

According to previous statements, the investors would move the team to Richmond for the 2010 season. The team would play at the Diamond until the new stadium is finished in 2011 or 2012.