The Orlando Dreamers insisted Wednesday its plan to bring Major League Baseball to Central Florida remains on track despite the loss of its two biggest investors, Dr. Rick Workman and lawyer John Morgan.
Jim Schnorf, the group’s chief operating officer, said the Dreamers still have more than $1 billion in team acquisition capital under letters of intent, as well as more than $1 billion toward stadium financing under favorable terms.
He said meetings with potential investors are already scheduled.
“There will not be a challenge in replacing this capital, but we will be very methodical in assuring an ideal match for our group, Orange County and MLB,” Schnorf said in a news release.
ALSO READ: Orlando Dreamers lose top two investors, one to the Zalupski group buying the Rays
His organization has been pursuing a team to play in a 45,000-seat ballpark the group wants to build near SeaWorld in Orange County.
The Tampa Bay Rays have been a primary target, but not the only one.
Workman, previously announced as the “anchor” investor, informed Dreamers leadership this week he would become a minority investor in the organization purchasing the Rays, according to Barry Larkin, the group’s MLB ambassador.
In July, the group led by Jacksonville developer Patrick Zalupski agreed in principle to purchase the Rays from principal owner Stuart Sternberg for a reported $1.7 billion. The deal is expected to be finalized this month or by mid-October.
ALSO READ: Rays make a deal to sell to the Zalupski group with plans to stay in Tampa area
“This news came as a surprise to the Dreamers and was conveyed during a short call that included key people involved with our group,” Larkin said. Workman “briefly shared his rationale for his decision and did not in any way suggest concerns about the quality or robustness of the Dreamers’ initiative.”
Schnorf surmised the Workman, 70, reached for the immediate chance of joining an ownership group in Florida “instead of waiting months or even a few years down the road before Orlando receives an MLB franchise.
Morgan, founder of the Morgan & Morgan law firm, had made a $250 million commitment to the Dreamers. He dropped out Tuesday after learning of Workman’s decision, Larkin said.
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“John Morgan is a very seasoned investor focused on situations that have full clarity,” Larkin said. “John felt it best to step back, at least on an interim basis, and to remain open to a significant investment in the future if there is such an opportunity and the situation is a match for his investment practices.”
In June, Morgan said he turned down an offer to join Zalupski’s group because the Tampa Bay region “did not compare with Orange County” as a baseball market. On Tuesday, he predicted Orlando would become a pawn as the new Rays ownership pursues a stadium in Hillsborough County.
“I believe what will happen now is this group will seek a sweetheart deal in Tampa, while stringing the prospects of Orlando as a bargaining chip,” Morgan said in a statement. “They will get lots of free land and entitlements and make a real estate profit on the surrounding land at the taxpayers’ expense. Certainly not for the people, but for the rich people.”
Morgan’s law firm is among the nation’s largest, promoted by high-profile advertising with the slogan “For the People.”
ALSO READ: Rays likely staying put if a sale goes through, but Morgan says Orlando’s better for MLB
Schnorf emphasized the group’s financial backing remains strong.
He added that no competing city can match Orlando’s “stadium location, market size, population growth, tourism numbers, tourist development taxes, and strength and growth of the local economy,” positioning the city as a ready option for expansion or relocation.
“There was unanimous concurrence at the end of the call from the Dreamers’ leadership to continue the Orlando MLB initiative in full stride given all the significant progress and success over recent months,” said Larkin, a member of the baseball Hall of Fame.