An article in the Nov. 2 Sports section on the bid by Frederic V. Malek and Jeffrey Zients to buy the Washington Nationals incorrectly named a D.C. company that Zients helped take public. The correct name is the Corporate Executive Board.
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Malek, Zients Are Big Hitters in an All-Star Ownership Lineup
Venture capitalist Frederic V. Malek and his group of investors appear to be front-runners to purchase the Nationals.
(Rick Bowmer - AP)
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Lang recalled Zients coming to her office for an hour-long meeting last year during the tumultuous debate by the D.C. Council over legislation to build the Nationals a $535 million stadium on the Anacostia River.
Zients was so familiar with the legislation, Lang said, that he talked with her about ways to convince council Chairman Linda W. Cropp (D), whose vote was crucial, to support it.
"A lot of life is grinding out the details, and Jeff is great at grinding out details and at operations," Delaney said.
The group added several more high-profile investors last summer, including Northern Virginia financier W. Russell Ramsey. Ramsey scaled back his investment after the group's bid escalated from $335 million to $450 million, according to people familiar with the bid.
At the same time, the group brought in more financial heft with the additions of Dennis W. Bakke, co-founder of AES Corporation, an Arlington-based power company, and Chicago-based financier David A. Donnini.
Although the Malek-Zients group may be the "prettiest" and best connected, as one baseball insider described it, there are some in and around the league who are concerned over its size. Most sports leagues, including baseball, prefer one major owner who owns up to half the team and has deep pockets to cover losses. People familiar with the Malek-Zients partnership said the managing partner, which is Malek, has clear authority to run both the financial and administrative side of the team, including requiring partners to cover losses.
Benjamin Jacobs, founder of JBG Companies, a major Washington area developer and a close friend and business associate of Malek's, said losses are unlikely.
"A losing business enterprise is not one that over the long term will sustain one's interest," Jacobs said. "Fred has the right balance. He won't exploit it, but he will make it work to the point where it is a point of pride for the city and for the area."
Staff writer David Nakamura contributed to this report.
