The Chattanooga Lookouts expect to reveal more local owners in the team in a month or so after a federal judge agreed to let the club buy the share of accused businessman John Woods for $1.87 million.
Jason Freier, managing owner and CEO of the minor league baseball team, also said Thursday that the team remains committed to an upgraded and potentially new stadium to meet the demands of Major League Baseball.
“Nothing has changed with the situation with Major League Baseball,” he said. “We’ve got a limited amount to time to see progress on a new and compliant facility.”
Earlier this week, U.S. District Court Judge Steven D. Grimberg entered an order approving a request by the Lookouts to buy the 20.1% interest in the team owned by Woods, a Marietta, Georgia, man accused by federal regulators of conducting a massive Ponzi scheme.
The order noted Freier said that it’s critical to the future of the club to buy the share “as soon as possible in order to maintain the viability of the Chattanooga Lookouts as a team and its future as an affiliate of Major League Baseball.”
Freier said there’s a 30-day period after the order was entered by the judge to enable anyone to file an appeal. But he said he doesn’t expect anyone will do so.
A. Cotten Wright, the court-appointed receiver in the U.S. Securities and Exchange Commission’s action against Woods, has said in court papers that liquidating his interest in the Lookouts would capture the value of that…