A development in the potential sale of the Washington Nationals has emerged. Officially, the Nationals ownership, the Lerner family, are just exploring options. However, it’s increasingly apparent the team is going through the process of a sale.
A billionaire surfaced as a suitor for the team and it’s not Washington Wizards and Capitals owner Ted Leonsis.
According to the Washington Post’s Barry Svrluga and Chelsea Janes, South Korean billionaire Michael B. Kim is among those interested in buying the Nationals.
Forbes lists Kim’s worth at $7.7 billion. Kim founded MBK Partners in 2005 after being an executive at global investment firm the Carlyle Group.
Kim visited Nationals Park on June 29. There he met with team officials and toured the ballpark.
It’s worth mentioning, Kim’s name surfacing doesn’t make him a frontrunner. At least one other group also met with team officials and toured the ballpark. A third group interested in buying the Nats will go through the same process later this month, according to the Post.
As many as five or six individuals or groups are expected to meet with club officials to learn more about what they would be buying. Major League Baseball must first approve potential buyers, who then receive the opportunity to go over the Nationals’ finances. In-person — and in some cases virtual — meetings are the next step in what is considered part of due diligence; not every group approved by MLB will be granted such meetings
Meanwhile, Leonsis hasn’t signed the non-disclosure agreement required by Major League Baseball for potential buyers. Leonsis’ name surfaced among those who may be interested in the Nationals sale. Leonsis reportedly is one of 28 bidders. However, Leonsis’ offer puts him behind other bids. It’s unclear if Leonsis is still in the running or not.
