SBD/April 25, 2014/Franchises

Mandalay Baseball Close To Selling Minor-League Teams In Oklahoma City, Frisco, Dayton

Mandalay Baseball Properties is nearing sales of the Triple-A PCL Oklahoma City RedHawks, Double-A Texas League Frisco RoughRiders and Single-A Midwest League Dayton Dragons, according to industry sources, more than a year after the entire Mandalay baseball portfolio was put up for sale. The sales, particularly Dayton and Frisco, are expected to yield record-setting sums for minor-league sales, with each perhaps surpassing $30M. Former MLB Rangers Managing General Partner & CEO Chuck Greenberg, who owns two other minor-league teams, is leading a group pursuing the Frisco franchise and is now in final stage of due diligence. Mandalay’s majority stakeholder, Seaport Capital LLC, put the portfolio, which also includes the Triple-A Int'l League Scranton-Wilkes Barre RailRiders and Double-A Eastern League Erie Seawolves, up for a sale in April ’13. However, the group failed to find a buyer for the entire block of clubs. Principals involved declined to comment, but Greenberg’s purchase in particular could close as soon as next month. The Dayton purchase bears watching as the Midwest League club has sold out every game since relocating to the city in '00, setting a U.S. pro sports record in the process.
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