Contrary to what was reported in other media outlets, there was never a firm deal to sell the SeaWolves: there was of a letter of intent in place at one point with a Michigan investment firm, we are told, but it expired without a whole lot of action. So the team is still on the block, and while there are some potential suitors out there, things seem to be slow for the moment. We don’t expect a ton of action until a deadline is impending; we do expect something to happen before the end of the year. From GoErie.com:
“[Seaport Capital] has been invested in the minor league portfolio for more than a decade and decided it was time to realize on that investment,” Art Matin said. “Things have gone very well with each of our teams; we expect more of the same with Erie.”
Mandalay owns 100 percent of the SeaWolves, and Matin said there is no timetable for a sale to be completed. Mandalay officials visited Erie late in the season, and prospective buyers were in attendance at Jerry Uht Park at different points this past season.
Matin would not comment on how much the SeaWolves were worth or how much Mandalay was seeking in the sale. He said he could not provide information on potential buyers, including whether any have local ties to Erie.
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