Billionaire Michael B. Kim has emerged as a prospective buyer of the Washington Nationals, according to Barry Svrluga and Chelsea Janes of The Washington Post.
Kim, a Korean-American who was born in South Korea but educated in the U.S., has a dual citizenship and graduated from Haverford College before going on to earn his MBA from Harvard Business School. In 2005, he founded his own private equity firm, MBK Partners, that now manages more than $25 billion in assets. He previously worked for private investment firms Goldman Sachs and the Carlyle Group.
Kim met in person last week with club officials at Nationals Park, according to The Post, as part of an ongoing process to find potential buyers for the organization. He makes up one of two potential buyer groups to have already met with the Nationals. The other remains unidentified. A third group is scheduled to meet with club officials later this month. Neither of the groups that have met with the Nationals have ties to Washington, D.C., The Post points out.
As many as five or six individuals or groups could meet with the club, The Post says, adding the Major League Baseball must first approve potential buyers and, once approved, they are given an opportunity to go over the Nationals' finances. Not every group approved by MLB is granted a meeting, The Post notes.
The Post also notes that there is no sale price for the Nationals, that any would-be buyers "wouldn’t submit an offer until these discussions are complete." Forbes has valued the franchise at $2 billion.
106.7 The Fan's Jason Bishop had previously reported that Wizards and Capitals owner Ted Leonsis had been in contact with the Lerners about the possibility of purchasing the club, news which was later corroborated by multiple other outlets.
Earlier this week, Svrluga told 106.7 The Fan that Leonsis was not among the two groups to have already met with the Nationals, mentioning that that does not mean Leonsis is not interested in purchasing the club. Now, alongside Janes, Svrluga writes that Leonsis has not yet signed a non-disclosure agreement (NDA) that MLB requires of any prospective buyer.
The Lerners purchased the Nationals from MLB for $450 million in 2006, one year after the franchise relocated from Montreal.
Read the full report in The Washington Post.
