02 Jul Dayton Dragons sale announced
Another sale from the Mandalay Baseball Properties portfolio: the Dayton Dragons (Low Class A; Midwest League) have been sold to Palisades Arcadia Baseball LLC, a group that includes veteran MiLB operator Michael Savit.
The agreement is subject to customary closing conditions, including the approvals of the Midwest League, the offices of Minor League Baseball, and the review of the Office of the Commissioner of Major League Baseball.
No terms was released; however, several sources in past weeks have indicated a sales price in excess of $30 million — by far the richest price for a Single-A team — had been discussed.
Palisades Arcadia Baseball is led by three Harvard friends and graduates: Nick Sakellariadis, Greg Rosenbaum, and Michael Savit. Savit is the Managing Partner of the HWS Group, which over the past 16 years has owned and operated half a dozen Minor League baseball teams, including the Mobile BayBears (Class AA; Southern League) and Modesto Nuts (High Class A; California League), as well as an NBA Development League team. He is also a limited partner in the NBA’s Memphis Grizzlies. Sakellariadis recently retired following a 35-year investment-banking career at Citigroup-related companies. Rosenbaum is president of Palisades Associates, Inc., a merchant banking and investment firm.
Robert Murphy — who has been the only team president for the Dragons — will continue to serve in his current role of president. “We are very pleased and excited to have secured Robert Murphy and his team to continue on in their roles with the Dayton Dragons,” Sakellariadis said. “Bob has been the face of the organization for the past 16 years, and that will continue. Obviously, the local management team has done an exemplary job with the franchise and we are confident in their continued managerial success.”
Mandalay Baseball has been the principal owner and operator of the Dayton franchise since its inception and has operated the team for almost 16 years (one construction year, and 15 baseball seasons). “We’re delighted to have reached an agreement with Palisades Arcadia Baseball,” said Art Matin, CEO of Mandalay Baseball. “We are tremendously pleased with what has been accomplished in Dayton and at Fifth Third Field, and with our stewardship of the franchise for the Dayton community.” The Dragons ownership group also includes a trust fund controlled by former NBA great and Los Angeles Dodgers investor Earvin “Magic” Johnson. Mandalay investors earlier announced a sale of all their MiLB teams, including the Frisco RoughRiders (Class AA; Texas League), Scranton/Wilkes-Barre RailRiders (Class AAA; International League), Oklahoma City RedHawks (Class AAA; Pacific Coast League) and the Erie SeaWolves (Class AA; Eastern League).
“We are very happy that Palisades Arcadia Baseball has been successful in their bid to buy the Dayton Dragons,” Murphy said. “They have a great passion for baseball and business, and they love how our community has embraced the Dragons and they understand the important responsibility of being the stewards of this community asset.”
Source: Ballpark Digest