The official press release is out
with the details of today's press conference.
BPD has their own comments about this transaction:
As for running the club, that will depend on who Salvi keeps/picks to run it --such as Bill Terlecky whom even Reichard & Co. like. Since Salvi is a (successful) lawyer and not a "baseball man" one assumes he wants a solid staff to run his club. He's also likely to have done some serious due diligence before putting up his money.
As for the original asking price... I've heard that no one gets "top dollar" for indy franchises. VSG may have hoped to turn a tidy profit hoping to get their $6M asking price but indy clubs are still speculative and the turmoil in the NoL certainly didn't help.
One "bad" note is Salvi's purchase also eliminates one "prospective" owner from the "expansion owner pool." On the other hand it suggests there are people willing to buy into the NoL. More will likely come out as he settles into the owner's box.
The Gary SouthShore RailCats (...) introduced the organization's new owner, Patrick A. Salvi, at a press conference today at U. S. Steel Yard.So now the RailCats have new owners with few (if any) ties to the originals. Interesting to see that McClendon had been an owner. I was not aware that he was in the ownership group.
Mr. Salvi and his wife, Lindy, purchased the 2007 Northern League Champion RailCats from the investment group of George Huber, Tim Haffner, Mike Tatoian, Anthony Zirille, Richard Hill, David Ross and Lloyd McClendon.
Mr. Salvi is the managing partner of the Illinois-based law firm of Salvi, Schostok & Pritchard P.C.
BPD has their own comments about this transaction:
The team's been on the market since 2006 -- with an original asking price of $6 million -- so we assume Salvi got a pretty good deal on the purchase price (which was not disclosed, though we heard the price from several sources since the original posting the sales price was between $3 million and $3.5 million). To say Salvi has a huge job to do in Gary is an understatement. Financially, we hear the team's most profitable year was its first year of operation when the RailCats were a travel team and subsidized by the city because the ballpark was not finished. Still, there are some good people working in the RailCats front office, so we're hoping Salvi keeps faith in the likes of VP/GM Bill Terlecky.That second shot (about most profitable year) is not to say the club isn't now, or hasn't in the past been, profitable. Attendance has increased over 400/gm (2007: 3,616; 2003: 3,189) at a venue many wrote off even before it opened. And certainly it might be more profitable to be paid "financial penalties" to cover a road team and skeleton front office than run a full baseball organization.
As for running the club, that will depend on who Salvi keeps/picks to run it --such as Bill Terlecky whom even Reichard & Co. like. Since Salvi is a (successful) lawyer and not a "baseball man" one assumes he wants a solid staff to run his club. He's also likely to have done some serious due diligence before putting up his money.
As for the original asking price... I've heard that no one gets "top dollar" for indy franchises. VSG may have hoped to turn a tidy profit hoping to get their $6M asking price but indy clubs are still speculative and the turmoil in the NoL certainly didn't help.
One "bad" note is Salvi's purchase also eliminates one "prospective" owner from the "expansion owner pool." On the other hand it suggests there are people willing to buy into the NoL. More will likely come out as he settles into the owner's box.
Some people's ignorance is amazing. 
), but I have faith in the new owners that they are sincere in their
endeavors. I read where Mr. Salvi purchased the team for less than what was the original asking price, but I'm excited that HE believes. Of course, only
time will tell. But at this point, it's all we have, eh? (Oops, that's my Canadian connection slipping out. Luv ya and will miss you David.)
