Arizona Tribune - Orlando Dreamers Announce Senior Debt for MLB Team Acquisition Under Initial Letter of Intent

ORLANDO, FL / ACCESS Newswire / August 12, 2025 / The Orlando City Baseball Dreamers ("Orlando Dreamers") today announced that an indicative letter of interest for the senior debt portion for MLB team acquisition has been received. Barry Larkin, the MLB Ambassador for the Dreamers, confirmed the news, "We have continued to make substantive progress behind the scenes over recent weeks, and the receipt of an LOI for team acquisition senior debt is further evidence of our group's readiness for an MLB franchise. Our leadership continues to be highly encouraged with the interest being displayed by our strategic partners," he said.

Rick Workman, the principal investor in the control ownership group for the Dreamers, commented further on Larkin's statement, "The confirmation of the senior debt interest completes the key final piece of team acquisition funding. We are very pleased to now be in a financial position to be fully ready to welcome an MLB franchise to Orange County and Central Florida. This represents a significant additional milestone that clearly demonstrates the Orlando Dreamers have the only immediate solution for resolving any near-term market need that Major League Baseball may have," he indicated.

Co-owner John Morgan weighed in with his confirming thoughts concerning the Orlando region, "The strong financing interest is further affirmation of not only the strength of our local leadership group, but also the greater Orlando market itself. It is clear that the exceptional growth of the area is a major catalyst in attracting capital into our initiative under favorable terms. Orange County continues to see record setting tourism development tax proceeds, and it is clear no other market can match the overall attractiveness we have. Tourism is a major driver of prosperity," according to Morgan.

Jim Schnorf, Co-Founder of the Orlando Dreamers who has been coordinating the team acquisition and stadium funding, elaborated on the additional financing progress, "We previously indicated that we were in the process of concluding the final portion of our team acquisition capital via discussions with senior debt sources. There have been multiple financially qualified institutions expressing interest in leading the debt syndicate. As with our past practice of being deliberate with all our financing terms and structures and selection of partners, we are pleased to continue to attract "best in class" allies. The Dreamers are now in a position to finance a franchise acquisition in the $2 billion range, presuming there is sufficient economic justification. This capability, combined with our existing stadium financing capability, is clearly unique. We are ready to welcome an MLB franchise, regardless of which path provides that opportunity."

Andy Herdliska, who is managing the Dreamers' newly leased downtown office location, provided an additional update, "We are concluding the finishing touches in updating our temporary office space on the third floor, which we currently occupy. Renovations for our permanent first floor location are well underway, and we anticipate relocating there by late fall. Final discussions on exterior signage design for the building are taking place, as well. And, we are excited to be interviewing multiple employee candidates, with plans for initial hires this month as we move to the next phase of our exciting mission. We look forward to a significant community outreach stage in the coming months as we continue to respond to the overwhelming interest being displayed by the community and baseball fans across the region."

Orlando is experiencing a surge in tourism with meaningful growth expected from the recent opening of the new Universal Epic Universe theme park located a short distance from the Dreamers' proposed stadium site. The Orlando metro area is the most-visited destination in the country and recently passed Denver to become the #15 media market in the country. It is anticipated that Orlando will pass Detroit in 2025 to become the #14 media market in the country, the largest without an MLB team.

The Orlando Dreamers previously reported that based on an independent study completed in 2023, bringing Major League Baseball to Orlando and playing in the planned domed stadium located on the 35.5 acre parcel adjacent to SeaWorld and the Orange County Convention Center will yield approximately 25,000 permanent jobs and create in excess of $40 billion in economic impact to Orange County over 30 years. In addition, the study concluded that the MLB initiative would generate an additional $26 million annually in tourist development taxes (TDT).

About Orlando City Baseball Dreamers, LLC

Orlando City Baseball Dreamers, LLC was established to bring Major League Baseball to Orlando and Central Florida. Updates can be found at www.orlandodreamers.com.

Contact:

Dave Gentry
RedChip Companies
1-800-733-2447
[email protected]

SOURCE: Orlando City Baseball Dreamers, LLC

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L.Adams--AT