Multiple sources tell us the Frederick Keys (High Class A; Carolina League) have been conditionally sold, with the transaction going through only if the franchise successfully wins a bid situation for Harry Grove Stadium for next season and beyond.
The Keys are currently owned by Maryland Baseball Holding, LLC, led by Ken Young, the owner of several other minor-league teams — Albuquerque Isotopes (Class AAA; Pacific Coast League), Norfolk Tides (Class AAA; International League) and Bowie Baysox (Class AA; Eastern League). The Keys have been operating under a series of one-year contracts for the use of the ballpark, but the city wants a longer-term commitment and more revenue and has put the ballpark lease to bid, with an April 15 deadline for submissions.
Since it’s an open bid process, anyone can apply. But the level of detail in the city’s RFP is pretty extreme, going to the level of profits, losses and specific concession items for sale, and it’s certainly not designed for a tire-kicking outfit. We don’t expect more than two serious bidders for the lease: the Keys and an independent Atlantic League group that includes with Peter Kirk (who built the ballpark as the original owner of the Keys) and Jack Lavoie (the potential owner of the team). The winning bidder will need to put some money into the ballpark and commit to a longer-term lease.
The selling price for the team, should it stay in Frederick, is $9 million, we’re told. Again the sale is conditional: no lease, no sale.
RELATED STORIES: Keys: We want to stay in Frederick; Frederick: Affiliated team to have advantage in ballpark bidding; Frederick to put ballpark lease to bid; Keys on market; Ballpark Visit: Harry Grove Stadium / Frederick Keys
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