For Further Information:
Brian Hannigan
Virginia Baseball Stadium Authority
703-478-7201

Thursday, July 11, 2002

AUTHORITY REACHES AGREEMENT IN PRINCIPLE ON NEW EXCLUSIVITY AGREEMENT WITH VIRGINIA BASEBALL CLUB
Existing Agreement Extended for Thirty Days

Virginia Baseball Stadium Authority Chairman Michael R. Frey released the following statement at the conclusion of tonight's Authority meeting, held at the Center for Innovative Technology in Herndon:

"Since 1996, the Virginia Baseball Stadium Authority and the Virginia Baseball Club have worked together to convince Major League Baseball to locate a team in Northern Virginia. Today, we take great pride in the progress we have make in this effort. Commissioner Selig's recent statement that the region is the "prime candidate" for a relocated team, and the subsequent statement by the Commissioner's executive vice president that relocation is "inevitable," give us great hope that a team relocation could occur as soon as next season.

"The Virginia Baseball Stadium Authority must now concentrate its efforts on winning approval for the best possible ballpark site in Northern Virginia and on preparing a comprehensive financing plan for a public-private partnership that will gain the support of the General Assembly and the Governor. The Authority believes that partnership should provide the best possible terms for the Commonwealth and the citizens of Virginia.

"For many months the Authority has worked with the Virginia Baseball Club to arrive at a new agreement that would uphold the Authority's responsibility to the Commonwealth. We are pleased to announce that as of this date, we have reached an agreement in principle to continue our relationship. We expect that a final agreement will be ready to sign within the next thirty days. In the interim, the Authority and the Virginia Baseball Club have agreed that the existing agreement originally due to expire on May 31 shall remain in effect through August 12, 2002."

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