May 4, 2006
Baseball Commissioner Bud Selig announces selection of a group led by real estate developer Theodore Lerner to purchase the Washington Nationals for $450 million.
On May 3, the Baseball Commissioner Bud Selig announced that he has selected a group led by real estate developer Theodore N. Lerner to purchase the Washington Nationals for $450 million. Mr. Selig will submit his selection for vote by Major League Baseball's owners at the next owners’ meeting in New York on May 17 and 18. Mr. Lerner’s group was selected out of eight groups bidding for the Nationals during a long application process. Mr. Selig stated, "In the end, I determined that family ownership and major investment by a central person has served baseball well in the past and will continue to serve the game well in the future. Accountability is critical in a situation where teams must compete on the field but be partners off the field and in the community. I am confident the Lerners will be accountable to their fans and to baseball.” Willkie partner Robert Stebbins and associates Russell Leaf and Matthew Guercio advised The Office of the Commissioner of Baseball in the deal. In-house counsel was provided by Senior Vice President and General Counsel Thomas Ostertag and Senior Counsel Robert McGlarry.