July 5, 2014
DAYTON — Palisades Arcadia Baseball LLC has announced that it has entered into a definitive agreement to purchase the Dayton Dragons franchise – the Single-A affiliate of the Cincinnati Reds – from Mandalay Baseball Properties LLC. The agreement is subject to customary closing conditions, including the approvals of the Midwest League, the offices of Minor League Baseball, and the review of the Office of the Commissioner of Major League Baseball.
Palisades Arcadia Baseball is led by three Harvard friends and graduates, Nick Sakellariadis, Greg Rosenbaum, and Michael Savit.
Sakellariadis recently retired following a 35-year investment banking career at Citigroup-related companies.
Rosenbaum is President of Palisades Associates, Inc., a merchant banking and investment firm.
Savit is the Managing Partner of the HWS Group, which over the past 16 years has owned and operated half a dozen Minor League baseball teams as well as an NBA Development League team. He is also a limited partner in the Memphis Grizzlies of the NBA.
Palisades Arcadia Baseball said the local management of the team will stay in place. Robert Murphy – who has been the only team president for the Dragons – will continue to serve in his current role of president.
“We are very pleased and excited to have secured Robert Murphy and his team to continue on in their roles with the Dayton Dragons,” noted Sakellariadis. “Bob has been the face of the organization for the past 16 years, and that will continue. Obviously, the local management team has done an exemplary job with the franchise and we are confident in their continued managerial success.”
Mandalay Baseball has been the principal owner and operator of the Dayton franchise since its inception and has operated the team for almost 16 years (one construction year, and 15 baseball seasons). “We’re delighted to have reached an agreement with Palisades Arcadia Baseball,” said Art Matin, CEO of Mandalay Baseball. “We are tremendously pleased with what has been accomplished in Dayton and at Fifth Third Field, and with our stewardship of the franchise for the Dayton community.”
“We are very happy that Palisades Arcadia Baseball has been successful in their bid to buy the Dayton Dragons,” noted Dragons team president, Robert Murphy. “They have a great passion for baseball and business, and they love how our community has embraced the Dragons and they understand the important responsibility of being the stewards of this community asset.”
All terms of the agreement are confidential.