Massachusetts-based Triple Play Partners announced yesterday that it has terminated its agreement with Philadelphia-based Comcast-Spectacor to buy the controlling interest in three of the Baltimore Orioles' Maryland-based minor league affiliates -- the Bowie Baysox, Frederick Keys and Delmarva Shorebirds.
The transaction, originally announced in July, was "in the 11th hour," Triple Play President David Pearlman said. It had been approved by each of the teams' leagues and was awaiting approval by Major League Baseball. But Triple Play wanted to restructure some aspects of the deal.
"In recent weeks, we discovered several significant business issues including a major economic change to the Frederick Stadium lease beginning next season," Pearlman said in a release. "After bringing them to the attention of Comcast-Spectacor and unsuccessfully attempting to resolve them, we were left with no choice but to terminate the agreement."
Pearlman declined to elaborate on the problems, and he would not comment on whether Washington obtaining a Major League Baseball team had any influence on Triple Play's decision.
The Keys' stadium lease has expired.
Frederick "made a proposal, we made a counterproposal, and we, ComcastSpectacor, are very confident we can work something out with the city," Comcast-Spectacor Ventures President Peter Luukko said. "We did not see that as material at all."
Comcast-Spectacor ran the teams while the deal was awaiting approval and will continue to do so. Luukko said the teams are not for sale.
"We have always been prepared for this deal not to close, so we have continued to operate as if nothing would change," Luukko said. "Sometimes things work out for the best."
-- Jake Schaller
