ONEONTA _ The Oneonta Tigers will be sold to a group headed by New York City lawyer E. Miles Prentice, team president Sam Nader announced Tuesday at Damaschke Field.
Nader, 88, said during a news conference that a contract to sell his team needs only the approval of Major League Baseball, Minor League Baseball and the New York-Penn League to become official. Nader estimated that, barring any snags, the deal would be approved by mid-August _ a few weeks before the 2008 NY-Penn regular season ends.
The deal would keep the team in Oneonta at least through 2010, Nader said.
Nader and Sid Levine, 95, the vice president and treasurer of the Oneonta Athletic Corporation, refused to discuss the financial terms of the sale, citing a confidentiality clause in the agreement. The two will own the team until the deal is approved.
"If you're seeking to know what the purchase price is, I'm not at liberty to disclose that," Nader said. "It's safe to say it's more than a dollar. I'm not being evasive, I'm just trying to fulfill the terms of our agreement with the potential buyer."
According to minor league baseball.com, a short-season Single-A franchise is worth at least $1.8 million. Nader said the league would vote on the sale during its annual meeting in August.
"We've touched all the bases and this is truly a sad time for Sid, myself and my family," Nader said. "But as they say in poker, there's a time to hold and a time to fold. I'm not a poker player, but I believe in that."
Prentice, 65, is they key figure in a group of six that has agreed to purchase the OAC's stocks. Prentice owns two other minor league teams, the Huntsville Stars (Ala.) and Midland RockHounds (Texas). Both are Double-A teams.