Aug. 20 (Bloomberg) -- Minor-league baseball’s Dayton Dragons have been sold to Palisades Arcadia Baseball LLC, which is led by three Harvard University friends and graduates, according to a news release announcing the transaction.
The new ownership group, which is led by Nick Sakellariadis, Greg Rosenbaum and Michael Savit, paid a minor-league record $40 million for the team that had been owned by Mandalay Baseball Properties LLC.
Sakellariadis recently retired after a 35-year investment banking career at Citigroup-related companies, according to the news release. Rosenbaum is president of Palisades Associates, Inc., a merchant banking and investment firm, and Savit is a minority owner of the National Basketball Association’s Memphis Grizzlies.
The Dragons are the Single-A affiliate of the Cincinnati Reds. The team, founded in 2000, has been first among Single-A teams in attendance each season and has finished in the top 10 every season among all 160 minor-league clubs.
Savit’s HWS Group over the past 16 years has owned six minor-league baseball teams and an NBA Development League club.
The transaction requires approval of the Midwest League and Minor League Baseball.
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