Mayor Stephen R. Reed today announced that the Harrisburg Senators AA professional Baseball Franchise has been sold. The Harrisburg Senators will stay in town for at least 29 years under a $13.25 million agreement to sell the team to Senators Partners LLC of Northbook, Ill. The sale price will be the highest on record for a AA team in Eastern League history.
Michael Reinsdorf, a managing member of the new ownership group and son of Chicago Bulls and White Sox owner Jerry Reinsdorf, said the Senators were attractive because of their membership in the Eastern League, support from the city, the possibility of renovating Commerce Bank Park on City Island, and a superior management team already in place.
The minimum initial term of the agreement is for 29 years, with unlimited renewal terms of five years each thereafter. According to Reed, the next step is getting state support for a renovation project.
The design of the renovation is nearly completed, and construction could begin immediately after this season if the state grants support within 30 to 45 days, the Mayor said.
The sale now requires the approval of the Eastern Professional Baseball League, the National Association of Professional Baseball Leagues Inc., which is the governing body of minor league baseball, and the Office of the Baseball Commissioner.
Closing and change of ownership on the transaction will occur on or before September 13.
Michael Reinsdorf is a managing member of International Facilities Group LLC, the principals of which have been involved for more than a decade in the sports industry in assisting professional team owners and municipalities with the development and operation of stadiums, arenas and ballparks. Reinsdorf also owns the Stockton Thunder and the Stockton Lightning in Stockton, California, as well as the Cedar Rapids RoughRiders.
IFG planned and operates the 10,000 seat Stockton Arena and also operates the newly renovated 2,000 seat Bob Hope Theater and the new 5,000 seat Banner Island Ballpark, home to the single-A team, the Stockton Ports.
IFG personnel have been significantly involved in over $2 billion of stadium projects, including the $87 million retrofit and upgrade of US Cellular Field in Chicago.
Sports facilities in which IFG has been involved with also include Great American Ball Park, Comerica Field, Miller Park, the new Washington Nationals Park, the new Minnesota Twins park, the new Oakland Athletics Ballpark, Invesco Field, Conseco Fieldhouse and others.