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Mandalay Baseball Sells Dayton Dragons To Group Led By Savit

Mandalay Baseball Properties has sold the Single-A Midwest League Dayton Dragons, owners of the longest sellout streak in U.S. pro sports, to Palisades Arcadia Baseball, led in part by NBA Grizzlies investor and veteran minor league team operator Michael Savit. Financial terms of the deal were not disclosed, but industry sources said the deal is for nearly $40M, a record sum for a Minor League Baseball team. Savit is joined by two former Harvard classmates, investment bankers Nick Sakellaraidis and Greg Rosenbaum. As part of the deal, the Palisades group has secured the continued employment of the Dragons' existing management team led by President Bob Murphy.

The sale is the second in the last month for Mandalay, whose majority owner Seaport Capital is divesting all five of its minor league teams. The first sale for the Double-A Texas League Frisco RoughRiders to former MLB Rangers CEO Chuck Greenberg was for more than $30M, industry sources said, and briefly held the record as the largest MiLB team sale until this Dragons deal. The Dragons have been a Reds affiliate for their entire 14-year existence in Dayton, and earlier this season recorded the 1,000th consecutive sellout at Fifth Third Field.

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