Significant progress has been made toward the Beloit Snappers getting a new stadium, but the deal has yet to be finalized, according to a press release from the team.
Here is the pertinent part of the statement issued Tuesday by Snappers President Dennis Conerton:
On Friday, Aug. 31, 2018, the Beloit Snappers signed a Memorandum of Understanding (“MOU”) with two sophisticated investor groups. These groups have strong ties to and leadership from Beloit and Rock County. This MOU under the rules of Minor League Baseball is confidential, and therefore neither the parties involved or the specific terms will be disclosed. This MOU meets a deadline set by Minor League Baseball and the Midwest League to make significant progress toward a new stadium in Beloit to meet the standards required by Major and Minor League Baseball for its affiliate clubs. However, there are a number of very important steps and formal legal documents required before the intent of the MOU to keep affiliated baseball in Beloit can be finalized.
The MOU sets the framework for the sale of the Snappers to a new ownership group and the construction of a new stadium in downtown Beloit with an opening targeted for the 2020 season. The parties will work toward a Jan. 31, 2019, deadline for the execution of definitive legal documents which can then be reviewed and acted upon by the Midwest League and Minor League Baseball, with final review and approval by the Commissioner of Major League Baseball. These approvals will be needed for the sale of the Snappers, as well as the plans for the new stadium, for the Snappers to continue play in the Midwest League.
The Snappers have sought funding for a new stadium for years, as their current home has become more outdated as Minor League Baseball facilities in general continue to add nicer amenities for fans and players. Beloit has played its home games at Pohlman Field since the team debuted in 1982.