CarL1 Frederick Keys

Comcast-Spectacor Sells Three Minor League Baseball Teams

Published on November 28, 2006 under Carolina League (CarL1)
Frederick Keys News Release


(PHILADELPHIA, PA --- November 28, 2006) Comcast-Spectacor, the Philadelphia-based sports and entertainment firm, announced today it has completed a transaction in which the company is selling two of its three minor league baseball teams - the Bowie Baysox and the Frederick Keys - both affiliates of the Baltimore Orioles - to Ken Young, President of two Class AAA minor league baseball teams - the Norfolk Tides and Albuquerque Isotopes.

The company also announced that it has entered into a preliminary agreement to sell the Delmarva Shorebirds to 7th Inning Stretch, LLC, a baseball ownership group headed by Tom Volpe, Chairman and CEO of Volpe Investments, LLC, of California and his partner Pat Filippone, President and General Manager of the Stockton Ports of the California League.

The transactions for all three teams remain subject to the consent of certain parties.

Comcast-Spectacor will remain a consultant to the Bowie Baysox and the Frederick Keys, according to company President Peter Luukko. In keeping with company policy, terms of the deal were not disclosed.

"This is really a redeployment of our assets as we're selling the teams to a group headed by Ken Young, our partner in and President of our food and beverage concession company, Ovations Food Services," said Luukko. "We're still going to be actively involved as a consultant to Bowie and Frederick and our management company, Global Spectrum, will continue to schedule non-baseball events for their stadiums.

"As part of the transaction, there will be no staff changes and we anticipate business as usual for the players and the fans of these teams," added Luukko. "Ken Young is one of the most successful minor league baseball owners and a tremendously talented baseball mind. We could not have found a better owner to run these teams."

"We will continue to provide the highest standards of fun family entertainment to Bowie and Frederick fans," said Young. "We are also looking to make improvements in each of the stadiums." Comcast-Spectacor acquired the three baseball clubs in 2000, managing the stadiums in which they play through its management company, Global Spectrum, and the food and beverage concession contracts at these facilities through its concession company, Ovations Food Services.

"We're very proud of the way our staffs have laid the foundation for and implemented very successful team operations and promotions and created a wonderful fan base," said Comcast-Spectacor Vice President of Minor League Operations Frank Miceli. "We're elated that Ken Young will continue to build on this commitment and dedication to the fans and their communities."

The Bowie Baysox, Class AA, play in baseball's Eastern League, the Delmarva Shorebirds, Class A, play in the South Atlantic League and the Frederick Keys, Class A, play in the Carolina League.

7th Inning Stretch, a baseball ownership group, is based in Stockton, California. Tom Volpe, Chairman and CEO of Volpe Investments, LLC a risk capital firm run out of San Francisco, California founded the company in 1999. Volpe is widely regarded as one of the top investment minds in America, and has served with many of the top investment firms in the country. Presently, Volpe serves on the board of directors of Kline Hawkes & Co. and the Dubai Investment Group, LLC. The Delmarva Shorebirds now join the Stockton Ports of the California League as the second minor league baseball team owned and operated by 7th Inning Stretch. Prior to taking ownership of the Ports in 2002, Volpe owned the Visalia Oaks, also of the California League and he currently serves as the California League representative for the National Association of Professional Baseball Board of Trustees, the governing body of Minor League Baseball. Volpe recently brought in Pat Filippone, former CEO of the Fresno Grizzlies, to serve as President/General Manager and part owner of the Stockton Ports, and who will now oversee the day- to- day operations of both teams.

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