Due to an editing error, a story in yesterday's editions incorrectly reported developments within Capital Region Baseball. The group had been seeking a Major League Baseball team for Northern Virginia until Thursday night, when its president, Mark Tracz, said it would be withdrawing its application for one of the two expansion franchises the National League will add in 1993. A split within the group had prompted Tracz and Capital Region Baseball Vice President Ira Saul to seek new investors. (Published 11/18/90)

Washington lawyer Bart Fisher, a member of the group that Thursday night abandoned its effort to obtain a baseball team for Northern Virginia, said yesterday he will attempt to reorganize the group's investors this weekend and present the National League Expansion Committee with a new proposal on Monday.

Fisher developed his plan after Capital Region Baseball President Mark Tracz said the group would withdraw its application for one of the two teams the NL will add in 1993. It came after a split within the group prompted Fisher and Capital Region Baseball Vice President Ira Saul to try to line up new investors in time for an Expansion Committee meeting they had been told would take place yesterday.

When they were able to obtain only $150 million of the $250 million they believed was necessary to cover the $95 million entry fee, the team's start-up costs and the construction of a stadium, the group decided it would not go forward.

But no Expansion Committee meeting was scheduled for yesterday, NL spokeswoman Katy Feeney said. She confirmed that a meeting will take place Tuesday, and that NL vice president/secretary Phyllis Collins has informed Fisher a new proposal will be considered if it is submitted by Monday at 5 p.m.

Tuesday's meeting is likely to set the stage for a determination of the short list of four to five finalists the committee is scheduled to announce by the end of the year. Not including Fisher's possible entry, 16 groups representing 10 cities remain in contention. Among them is Metropolitan Washington Baseball, a group led by developer John Akridge that would locate a team at RFK Stadium.

"It will be a busy weekend," Fisher said. "I'm going to call all the members of the {Capital Region Baseball} group and find out if they want to continue with a newly configured group. I'd be happy to have them all stay. I'm real optimistic we can do this. I may go up in flames over this, but I don't want to look back and say I didn't try as hard as I could."

He said Alexandria lawyer Philip Tierney and Sterling real estate developer William Bryant have said they will remain involved, but the keys to the deal will be Restructuring Associates -- a District-based firm involved with corporate investment, restructuring and management -- and a family trust represented by District investment banker Jim Valentine.

Restructuring Associates, whose president and chief executive officer is Tom Schneider, had been willing to invest up to $25 million. The family trust, which has declined to be identified, apparently was willing to invest whatever was needed.

Schneider could not be reached for comment, and Fisher said he had not been able to contact him. Valentine said that because Fisher was offering the family trust the same terms and conditions that Tracz had offered, he saw "no reason" why it would not remain involved.