Restructuring Associates, a District-based firm involved with corporate investment, restructuring and management, will invest up to $25 million in the effort to bring an expansion franchise to Northern Virginia, the firm's president and chief executive officer, Tom Schneider, said yesterday.
His firm is the first of Capital Region Baseball's two primary investors to come forward publicly. Led by developer Mark Tracz, Capital Region Baseball is seeking one of two teams the National League will add in 1993. The group would like to locate a team initially at RFK Stadium, then move to a new facility in Northern Virginia.
Its other main financial backer is a family trust. The investment arm of the trust involved in the transaction is based in Northern Virginia, said Jim Valentine, a Washington investment banker representing the family. He said the family likely will come forward next week.
Tracz's group and another Washington-area group led by developer John Akridge are to make their presentations to the NL Expansion Committee on Sept. 19 in New York.
Akridge said his group, which would like to permanently locate a team at RFK Stadium, received notice of its presentation date yesterday.
Schneider, who lives in Maryland, said his firm is making its commitment to Tracz's group as a "civic gesture." He said it was left open-ended financially so other interested investors can have the opportunity to get involved.
"My intention is that it be a local commitment," Schneider said. "The more local support we can get, the better."