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For the first time in 35 years, the Fredericksburg Nationals will have new ownership.
Art Silber, who purchased the franchise in 1990 when it was still known as the Prince William Cannons and played in Woodbridge, announced Monday a deal to sell the team to Diamond Baseball Holdings, a company that owns more than 40 of Minor League Baseball’s 120 affiliated clubs.
“We made a decision to sell the team in order to ensure its growth and continued vitality in our community,” the Silber family wrote in a letter directed to FredNats fans. “Due to a combination of family considerations, evolution of the industry and growth of the team, we made the determination that it was time to turn over the ownership to an entity that could ensure the great promise of this franchise for decades to come.”
The sale of the club does not impact the team’s name, location or affiliation with the Washington Nationals, who have sustained a relationship with it since 2005. Fredericksburg will continue to serve as the Nats’ low Single-A affiliate, per the terms of a 10-year agreement all minor league clubs signed with their major league counterparts in 2021 when the sport reorganized under Major League Baseball’s umbrella.
When Silber bought the franchise, it was an affiliate of the Yankees, playing at Pfitzner Stadium in Woodbridge. It would undergo several name and affiliate changes over the years, becoming the Potomac Cannons in 1999 while affiliating with the Cardinals and later Reds. When the Montreal Expos moved to D.C. in 2005, the Cannons were renamed the Potomac Nationals and began a long affiliation with the big league club that now played only 30 miles to the northeast.
Silber long sought a better facility than Pfitzner Stadium and explored other options in Prince William County and throughout Northern Virginia. When the Fredericksburg City Council finally approved construction of $35 million stadium in 2018, Silber announced the team would relocate an additional 30 miles to the south and change its name to the Fredericksburg Nationals.
The 5,000-seat Virginia Credit Union Stadium opened in 2020 and has received positive reviews from fans, players and baseball executives alike as one of the nicest Single-A ballparks in the sport. Silber’s daughter, Lani, worked for the team since 1995 and rose to the role of team president. His son, Seth, will now become president and remain as a minority shareholder for the new ownership group.
“I’d like to thank Art, Seth and Lani for their longtime partnership and their dedication to the Washington Nationals,” Nats general manager Mike Rizzo said in a statement. “We are proud of the success the FredNats have had under their leadership, and we look forward to continued growth as we enter a new relationship with Diamond Baseball Holdings.”
Diamond Baseball Holdings (DBH) was formed in 2021 by private equity firm Silver Lake and has since purchased more than one-third of the 120 affiliated minor league teams across the United States. The list includes the Harrisburg Senators, the Nationals’ longtime Double-A affiliate, who were sold in April 2024.
“We know that this change will raise some questions,” the Silber family wrote. “Please be assured that we very thoughtfully chose to put this franchise in the hands of DBH. We believe they are the best situated organization to continue what has become the great meeting place and venue that is the Fredericksburg Nationals, as well as the wonderful impact in the community and continuing to build its legacy well into the future.”
