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Now Up for Bids, the Nationals: Let's Begin at $300 Million
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Cable giant Comcast is suing MASN to keep the games on Comcast SportsNet, which is keeping Nationals games out of millions of homes and could delay the sale of the Washington franchise.
"The Comcast lawsuit adds a level of difficulty to the transaction," said investment banker Sal Galatioto, who has handled several sports team sales. "They can go ahead and sell the team, but the problem is how the bidders react to the lawsuit. Will they be able to close the transaction with the lawsuit sitting out there? I'm not sure."
Asked if the lawsuit will delay the sale, MLB President Robert DuPuy answered, "We do not think it will."
Selig has said a new owner will be selected by the summer, and several baseball insiders would like to have the process settled by July's All-Star Game, but baseball moves slowly. The league originally hoped to have the bidding under way last December.
"We are looking forward to receiving the expressions of interest from the groups and moving the process forward to a prompt conclusion," DuPuy said.
Until the legal questions are resolved, baseball has asked bidders to submit two bids: one for the Nationals with an ownership interest in MASN, and one for the Nationals with no interest in MASN.
Right now, the Orioles own 90 percent of MASN and baseball owns 10 percent, with that number increasing to 33 percent over 28 years. Baseball, which paid the Orioles $75 million for the 10 percent, is likely to sell the new owner of the Nationals its interest in MASN along with the team.
The league purchased the Nationals, then known as the Montreal Expos, from Jeffrey Loria for $120 million in February 2002. The Expos lost millions under baseball's ownership, but this year the Nationals hope to turn a profit of up to $20 million in Washington, according to team officials.
"Baseball is anxious to get this done pretty quickly," Zimbalist said. "On the other hand, the Nationals are making a profit this year, so it's not super urgent. I don't know if this sale happens in two weeks, two months or a year."
