Lucchino says ‘it’s time to sell’ the WooSox
After being open-minded about selling the Worcester Red Sox or his share of the team last year, chairman and principal owner Larry Lucchino is now actively trying to sell the team and then retire.
“I’m now 78, I’ve been at this for over 40 years, so it’s time to sell this team and move on to blissful retirement,” Lucchino said to former Boston TV sports anchors Bob Lobel and Mike Lynch on their “UnAnchored Boston” podcast this week. “We’ve been talking to various people for many months trying to find a local owner who would step up.
“It’s something that’s been going on for some time, but whether it happens in the next six weeks or six months or six years remains to be seen.”
An industry source suggested Friday that the WooSox could sell for close to $70 million, perhaps slightly more. A sale of the team, which is regarded highly within the industry for its business acumen, was a topic of discussion at Major League Baseball’s fall business meetings in Las Vegas this week.
The WooSox debuted at their $159 million Polar Park in 2021.
Lucchino is the lead owner among 10 partners who bought the Red Sox’ Triple A franchise formerly based in Pawtucket, R.I., for approximately $25 million in 2015.
Lucchino’s preference might be for a local owner, but ownership transactions since MLB took over Minor League Baseball in 2021 are trending toward teams being bought by multiteam conglomerates.
Diamond Baseball Holdings, which already owns the Red Sox’ Single A Salem team and Double A Portland Sea Dogs, made a bid for the WooSox in the fall of 2021 believed to be approximately $50 million. That bid was rejected by the WooSox ownership group.
Fenway Sports Group, the owner of the Red Sox, is one of the WooSox partners.
Lucchino is an FSG partner who helped form the ownership group headed by John Henry and Tom Werner that bought the Red Sox in 2002. Henry also owns the Globe.
Lucchino served as president of the Red Sox from 2002-15. Prior to that, he was president and CEO of the San Diego Padres and president of the Baltimore Orioles.
Via a text, a spokesperson for the Worcester Red Sox said, “Our only other comment is that potential suitors have been expressing interest since the summer of 2021. That interest continues.”