Deal to buy baseball team is dead

The current deal for the Richmond Baseball Club to buy the Connecticut Defenders is going to expire, the investor’s spokesman told the Norwich newspaper The Day:

Peter Boisseau, spokesman for Richmond Baseball Club LC, which had a deal to purchase the Defenders for $15.4 million and move the team to Richmond, said this morning there is no way that deal could be saved by the Sunday deadline for closing the sale.

“That deal is going to expire,” Boisseau said. “The deal could not be consummated.”

Boisseau said financing and the current slow economy “played a role” in the business group’s inability to complete the deal.

The sons of Nolan Ryan are scouting Richmond today as the company co-founded by the pitching legend considering a stake in the team, but Boisseau told the paper even if they jump on board it is too late to get the financing together in time to meet the deadline.

According to a previous report from The Day, current team owner Lou DiBella said the Richmond investor group will lose a substantial deposit if a deal isn’t reached in time.

From the article:

DiBella said he has not heard from Bostic’s group in two weeks, and added that the prospective buyers would lose a substantial deposit come Monday if the deal is not concluded.

”Clearly these guys don’t have the means to close on their own and are looking for a partner,” DiBella said.

Ryan-Sanders Baseball owns and operates two minor league teams in Texas, and has made no commitment as of yet to assist with the Defenders deal.

Local media has reported the investor group led by businessman Bryan Bostic is short of the estimated $15 million needed to buy the team. News broke this week that Ryan’s company, co-founded with former Houston Astros owner Don Sanders, is considering potential ownership of the franchise and possibly investing in the ballpark planned for Shockoe Center.

Eastern League president Joe McEacharn is also in town visiting the Diamond and Shockoe Center site with the Ryans. McEacharn has previously said he is committed to bringing a team to Richmond to play next season, whether it is the Defenders or another team.

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.