Bryan Bostic said yesterday that Richmond Baseball Club LC was about to close the deal to purchase the Double-A Connecticut Defenders on May 13. Then, "things happened," said Bostic, who was RBC's leader.
RBC did not meet the $15.4 million sale price of the Eastern League team by the May 31 deadline. The deal died.
Bostic was the face of Richmond's quest to secure a locally owned baseball franchise for Richmond. He said RBC included more than three dozen investors.
"It's a shame. We all tried hard, and we came up short. We don't always win in life," Bostic said. "It's painful, there's no doubt about it. But it was all done in the best interest of the community."
Bostic chose not to specify issues that ultimately killed the deal. "The bottom line behind the situation was unfavorable economic conditions," he said. "They affected many RBC investors, and that's some who were in the deal, some who weren't in the deal and some who pulled out of the deal.
"No one individual at all prohibited this from happening. It was a combination of many factors. Economics was one. Uncertainty with the stadium was clearly another."
Some investors and potential investors had deep concerns about the continued lack of a firm plan for a ballpark. They ultimately chose not to buy into a franchise without knowing where it would play after a couple of seasons at The Diamond.
In October, RBC and Highwoods Properties released plans for the $318 million Shockoe Center, which would include a $60 million ballpark. The city continues to study the proposal.
The Shockoe Center concept drew support, but many Richmond-area residents believe the Boulevard is the area's best spot for baseball. Bostic still strongly advocates Shockoe Bottom as the appropriate location for a stadium he believes could serve as "a catalyst for revitalization."
Bostic said he was proud of the effort he made in keeping alive the idea of a Shockoe Bottom ballpark, first proposed several years ago by the Richmond Ballpark Initiative, of which he was a member. He added that he also is proud for pushing Richmond as a quality market for a Minor League Baseball franchise.
Since the RBC-Defenders deal failed to materialize, Minor League Baseball has been in the process of seeking an owner for the Eastern League franchise expected in Richmond next season.
RBC now exists mostly as a paper entity in contractual matters, Bostic said. Some of the investors who were connected to RBC remain interested in becoming part of the new franchise's ownership group. "That local participation works. It's been proven," Bostic said. "It's what gets the corporate community and other local community groups directly engaged."
Bostic intends to be involved as one of the investors, but he will not lead the local group, he said.
"I think I've done all that I can do, and sometimes in these situations, it takes new leadership," he said. "We need a relief pitcher now."
Contact John O'Connor at (804) 649-6233 or joconnor@timesdispatch.com.
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