Washington attorney Bart Fisher yesterday delivered a package to the National League outlining the investment structure for a new group that will seek an expansion franchise for Northern Virginia.
He said the initial investors in the group, to be named Capital Baseball Inc., are him, Sterling real estate developer William Bryant, Alexandria attorney Philip Tierney and Glenland Investment Corp. Glenland is an entity of the family trust represented by Washington investment banker Jim Valentine that has been newly created for the purpose of making this deal.
Sources identified that trust as the Petersen family trust. Based in California, it has considerable real estate holdings that are believed to include land in Nevada on which casinos have been built, the sources said. The family trust does not own the casinos, the sources said.
Fisher said that in addition to providing financial information about Capital Baseball's investors, he asked the NL Expansion Committee for an extension of several days to a week so it can present a new response to the committee's questionnaire and a $100,000 deposit on the $95 million entry fee. He said he also requested an opportunity for his group to make a presentation to the committee since this is a completely different entity from Capital Region Baseball.
Including Capital Region Baseball, 17 groups, representing 10 cities, have made presentations over the last two months.
The committee -- comprising the Pittsburgh Pirates' Douglas Danforth, NL President Bill White, the Houston Astros' John McMullen and the New York Mets' Fred Wilpon -- may decide whether to allow Fisher's group to proceed as early as today, when the committee is scheduled to meet in New York. The committee also may decide when it will announce the short list of finalists for the two franchises the NL will add in 1993, league spokeswoman Katy Feeney said.
Fisher's filing comes four days after a split within Capital Region Baseball prompted that group's president, Mark Tracz, and vice president, Ira Saul, to withdraw its application for a team. Fisher, an original member of Capital Region Baseball, spent the weekend attempting to reorganize as many of its investors as possible.
Restructuring Associates, the District-based firm that had been prepared to invest up to $25 million in Capital Region Baseball, was not listed among the reorganized group's investors; Fisher said he did not have time to assemble the necessary financial information about the firm. However, Restructuring Associates' president and chief executive officer, Tom Schneider, said yesterday the firm plans to join Fisher's group.
"My position on baseball in Washington hasn't changed," Schneider said. "We are still actively interested in going forward."