The investors planning to opt out of investing in team ownership represent less than 25% of the aggregate financing under letters of intent for team acquisition and stadium financing.
Key Dreamers leadership confirms the initiative to bring Major League Baseball to Orlando has significant momentum and remains on track, with high prospective investor interest.
ORLANDO, FL / ACCESS Newswire / September 10, 2025 / The Orlando City Baseball Dreamers ("Orlando Dreamers") today confirmed that recent media reports of Dr. Rick Workman removing himself as an anchor investor for the prospective Major League Baseball ("MLB") team acquisition are accurate. Barry Larkin, the MLB Ambassador for the Dreamers, affirmed the news. "We were informed earlier this week by Dr. Workman that he has elected to become a minority investor in a group working to acquire the Tampa Bay Rays. This news came as a surprise to the Dreamers and was conveyed during a short call that included key people involved with our group. The focus of the call was to inform the Dreamers of Dr. Workman's decision and to discuss how to best disseminate the information. It was agreed that the most appropriate way to communicate the details would be for the company to issue a press release confirming the situation."
"There was unanimous concurrence at the end of the call from the Dreamers' leadership to continue the Orlando MLB initiative in full stride given all the significant progress and success over recent months. Dr. Workman briefly shared his rationale for his decision and did not in any way suggest concerns about the quality or robustness of the Dreamers' initiative," Larkin said.
Larkin further commented that as a result of the decision of Dr. Workman, another investor, John Morgan, decided to "opt out for now" given the circumstances. "John Morgan is a very seasoned investor focused on situations that have full clarity. Based on the news regarding Dr. Workman, John felt it best to step back, at least on an interim basis, and to remain open to a significant investment in the future if there is such an opportunity and the situation is a match for his investment practices. In regards to replacing the capital from these sources, we have had significant interest from prospective investors in recent months, although we have not been actively pursuing such inquiries. The Dreamers are very confident in finding a suitable control owner, and we will maintain our same standards of being very deliberate and selective in facilitating that partnership," he indicated.
Jim Schnorf, Co-Founder of the Orlando Dreamers who has been coordinating the team acquisition and stadium funding, elaborated on Larkin's statements. "Although Rick's decision to opt out is a surprise, given all the progress that has been made this year, there are multiple candidates that will have an interest in becoming the control owner of the Dreamers. I know Rick recently experienced a death in his family, and being 70 years old and having an immediate opportunity right now to acquire a stake in a Florida team as opposed to what could potentially be months or even a few years down the road before Orlando receives an MLB franchise, may well have weighed in on his decision making process," Schnorf said.
Schnorf further stated, "We have in excess of $1 billion in team acquisition capital under letters of intent beyond the planned commitment of the investor sources electing to opt out, as well as in excess of $1 billion towards the team portion of stadium financing under very favorable terms. I have already arranged a dinner meeting to take place this week with a relevant contact. There will not be a challenge in replacing this capital, but we will be very methodical in assuring an ideal match for our group, Orange County, and MLB. No competing city can come close to matching our attributes in regards to stadium location, market size, population growth, tourism numbers, tourist development taxes ("TDT"), and strength and growth of the local economy. Orlando remains the only fully ready solution for any MLB situation in need, whether via relocation of an existing franchise, or one of the planned expansion slots."
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 the near future to become the #14 media market in the country, the largest without an MLB team. Orlando will receive almost 80 million tourists this year, with TDT revenues running well beyond projections.
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
dreamers@redchip.com
SOURCE: Orlando City Baseball Dreamers, LLC
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/sports-leisure-and-entertainment/orlando-dreamers-respond-to-media-reports-of-investors-opting-out-1071388
