Bostic: Economy, stadium situation doomed Defenders deal
DEAN HOFFMEYER/TIMES-DISPATCH
July 4, 2008 file photo of the Diamond.
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
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Reader Reactions
I got distracted, the reason its contradictory is obviously the “rushing a project is bad” and then saying “renovate NOW”.
First you said:
“By all means - let’s hurry and build something for the sake of building it. That’s why we have had so many debacles already.“
and then said: “Why wait? Renovate!“
The way I see it, these are 2 contradictory statements. Having a foundation and status quo does not make this the most responsible and best business decision. There are more things that factor into an investment than the amount of money it costs.
For example, you can invest money in starting a designer store in a unestablished, low-traffic retail area, or you can invest in starting a store in an area like Carytown. Guess which one will get more attention and result in better growth?
By all means - let’s hurry and build something for the sake of building it. That’s why we have had so many debacles already.
Why is is that when intelligent people start demanding details and answers we get accused of being stuck in the past and ignorant of sports? We are just trying to be good stewards of taxpayer money.
Face it -the Shockoe Center does not pass the smell test and taxpayers are tired of having one money pit forced on them after another. With the proper renovation of the Diamond, Richmond can have AA baseball.
So why not channel your energy towards support for that location?
Why wait? Renovate!
The pessimistic people that always want to whine got what they wanted…no baseball. The “town” of Richmond will now be now known for poor education, lack of leadership, vacant museums, and the best one of all…flooding streets. Let’s see if Richmond really uses the taxpayers money to fix these issues….my guess is we’ll see people still complaining and not stepping out of the box, challenging the “leaders” of Richmond. RIP Baseball in Richmond.
Jer1234 said: “I hereby challenge the City Council and Major Jones to make a decision within the next 30 days on whether to build a baseball stadium and where to put it. Then, once you have made that decision, stick with it and put it there. It probably can be built within 18 months IF everybody just abides by the decision. No fancy taxes or other business developments just the stadium.“
Yes, that would be fantastic…I’ve said this before: Build the ballpark south of the James River in Old Manchester at 6th and Bainbridge (next to Legend’s Brewery). The Richmond Foil Plant will be closing before the end of summer (assested value is about $12 million). The 2007 Crupi Report picked Old Manchester as their spot for a ballpark. Please check out the view at: http://stuneal.com/db3/00247/stuneal.com/_uimages/RichmondSkyline15.jpg
um, don’t we have a really good soccer team in richmond that recently beat LA galaxy? forget baseball! build a soccer field!! :)
Bravo, “baseballfan12.“
Phenomenal post, my friend.
Mayor Jones…it’s time to do what you are supposed to do: LEAD.
Enough with the studies; enough with the himming & hawing around on this issue. Build a fantastic stadium downtown, get a Double-A team, and watch our great city take off!
I hereby challange the City Council and Major Jones to make a decision within the next 30 days on whether to build a baseball stadium and where to put it. Then, once you have made that decision, stick with it and put it there. It probably can be built within 18 months IF everybody just abides by the decision. No fancy taxes or other business developments just the stadium. Betcha they can’t do it.
OutOfLeftField and Cabbage - right on. I couldn’t agree with you more.
It’s difficult to see everyone bashing Bostic for being fiery. He’s spent years of personal time and wealth investing in something that he’s passionate about, and all he’s heard along the way is a bunch of whining about how every detail isn’t resolved. Can you blame him for having enough?
Where are Charlie Diradour’s tennants for renovating The Diamond?? For anyone who hasn’t read the entire report that the Mayor ordered, the renovation scenario at The Diamond will LOSE money. Anyone who has looked at this in the past 10 years knows this. People who don’t know anything about everything that goes into a stadium should start listening to experts a little more. Not every expert is trying to swindle you - at some point you have to realize when someone’s genuine - Bostic is.
Richmond has a lot of people who think they’re going to get screwed over. News flash - you got screwed over when Short Pump got developed. That’s MILLIONS of dollars of development that were generated by the City’s indecision. Why can’t the City make a decision? Because people come out of the woodwork to complain when they don’t like something. It’s really just a shame that we can’t get on board with this idea because it’s a great one. Maybe Dwight Jones just needs to make the decision himself - ‘it’s better to ask forgiveness than permission’.
In the meantime, let’s leave the center of our culture and history a gravel parking lot. And let’s keep letting the Bottom flood instead of bringing in a project that can fix it. Brilliant!
National Slavery Museum in Shockoe - this is pretty much Richmond in a nutshell. Let’s reject in progressive ideas and build more monuments to the past. While we’re at it, lets build another Civil War museum and lets create more monuments to the Confederacy. That’s exactly what a younger, more diverse population in this town yearns for.
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