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Newark Bears sold

The Newark Bears have been sold to an investment firm looking to field a team for the 2009 season.
A company called Bases Loaded Group has signed a letter of intent to purchase the Newark Bears (independent; Atlantic League) out of from bankruptcy after providing the Atlantic League with a $1 million letter of credit and pledging $805,761 in back rent to the Essex County Improvement Authority and $100,000 to the current owner of the Bears. Though there were three groups interested in purchasing the franchise, the bankruptcy court went with Bases Loaded Group because they wanted to field a team for the 2009 season. James Wankmiller, president and CEO of the Bases Loaded Group; Tim Raines is involved and may manage the team. More from the Newark Star-Ledger.