PRESS RELEASE – The Williamsport Crosscutters are pleased to announce that Peter B. Freund, a minority owner of the New York Yankees and co-owner of the Charleston RiverDogs, is leading a group of investors to purchase the club from Geneva Cubs Baseball Inc. and current team President Paul Velte. The sale is subject to approval from Minor League Baseball, Major League Baseball and the New York-Penn League.
The group, Cutting Edge Baseball, LLC, consists of majority owner Freund and several limited partners including current Cutters Vice President, General Manager Doug Estes, Ralph Bernstein, John D. Ericson, Andy, Howard & Michael Kahn, Jeffrey M. Schlerf, Michael, Dan & Amy (Silfen) Schwab in addition to Paul Velte who has agreed to stay on as part of the ownership group for a limited amount of time to insure a successful transition.
“We are thrilled to purchase what is already a first-class MiLB organization with a tremendous affiliation,” said Freund. “Doug Estes, Gabe Sinicropi and the veteran staff in Williamsport do incredible work and this is a ready-made situation for our new ownership group. We look forward to working closely with the Philadelphia Phillies and the city of Williamsport in an effort to maximize the minor league baseball experience for the many loyal fans who have supported the Crosscutters for the past two decades.”
“Twenty-one years ago we came to Williamsport with the idea of providing fun, affordable, family entertainment with the promise of being here for the long-term”, said Velte. “I’m extremely proud of what we and the staff have accomplished in Williamsport for over two decades. That being said, our long-term goal was to be able to find an ownership group that would carry on the tradition we started. I’m happy to say that Peter and his group are the type of people that Williamsport will be happy to support.”
The team plans to hold a press conference at a later date after all appropriate parties have approved the sale.
In September the team announced a two-year extension of their Player Development Contract with the Philadelphia Phillies covering the 2015 and 2016 seasons. The Crosscutters 2015 schedule is slated to be announced in November.