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Washington Nationals Baseball Club, LLC Lerner Family Named New Owners of Washington Nationals

Washington, D.C., May 3, 2006 - Washington developer Theodore N. (Ted) Lerner announced today that Major League Baseball (MLB) has awarded the Washington Nationals franchise to a group headed by the Lerner family. The team will be majority-owned by Mr. Lerner, his son Mark D. Lerner, sons-in-law Edward L. Cohen and Robert K. Tanenbaum, and their families.

Ted Lerner was informed that his family had been selected in a telephone call from Commissioner Bud Selig of Major League Baseball. Mr. Lerner, who will become Managing Principal Owner of the franchise, said, "We are very proud and excited we have been selected as the new owners of the Washington Nationals. Our partners and our family are committed to making this a competitive, enduring, family-oriented and operated franchise. We look forward to working closely with the community, D.C. officials, area businesses, and, of course, the fans to help make our team a model of excellence in the baseball community."

Partners in the Lerner group are Paxton K. Baker, President of BET Event Productions and Executive Vice President and General Manager of BET Digital Networks for Black Entertainment Television (BET); James T. Brown, newly-named host of the CBS Television Network's NFL pre-game show, The NFL Today, and the play-by-play announcer for the Network's coverage of college basketball; Faye F. Fields, President and CEO of Integrated Resource Technologies, Inc., a leading provider of management support services and information management services to government agencies; Alphonso Maldon, Jr., Senior Vice President, Corporate Banking for PNC Bank and former Assistant Secretary of Defense for Force Management and Policy; B. Doyle Mitchell, Jr., President and CEO of Industrial Bank N.A., the largest minority-owned commercial bank in the Washington D.C. Metropolitan Area; George Muņoz, partner in the law firm of Tobin, Petkus & Muņoz, principal of Muņoz Group, an investment banking firm, and former President and CEO of Overseas Private Investment Corporation; Raul R. Romero, President and CEO of Alliance Consulting Group, LLC, a marketing consulting group to public and private organizations headquartered in the District of Columbia; Rodney E. Slater, partner at Patton Boggs, LLP and former U.S. Secretary of Transportation; and Jarvis C. Stewart, Chairman and Managing Partner of Stewart Partners, LLC, a government and Public Affairs Firm headquartered in Washington, D.C.

The Lerner family will name Stan Kasten, one of the most experienced and highly regarded executives in professional sports and former president of the Atlanta Braves, as President of the Nationals. "We are thrilled to have Stan join our team," said Ted Lerner. "A man of his caliber and experience will be a tremendous asset to the Nationals going forward."

Mr. Kasten is also a partner in the Washington Nationals.

"We have the utmost respect for what the Nationals have accomplished since they moved to Washington, D.C. We plan to build and expand on that foundation. We know we have the right team of partners who are strong, motivated and committed to the city and it's citizens," commented Mark D. Lerner, who along with other family members Edward L. Cohen and Robert K. Tanenbaum will be Principal Owners of the team. "Our partners and family are determined to build a successful team that is an integral part of the entire community and we will work hard to ensure that our fans have a great ballpark experience."

The Lerner family and their partners, will hold a press conference, on Wednesday, May 3 at 7:00 p.m. at the Fairmont Hotel, 2401 M Street, N.W., Washington, D.C.

About the Lerner Family
Theodore N. Lerner, a native Washingtonian, founded Lerner Enterprises, based in North Bethesda, Maryland, in 1952 and remains a Principal. His son, Mark D. Lerner, and sons-in-law, Edward L. Cohen and Robert K. Tanenbaum are also Principals of the company. Lerner Enterprises is the largest private real estate developer in the Washington, D.C. area. The company develops, leases and manages large scale office buildings, office and business parks, shopping malls, retail centers, hotels, residential communities and land development projects. Lerner is also a partner in Chelsea Piers, a landmark 30-acre sports and entertainment complex on the Hudson River in New York City. The Lerner family is a minority partner in Lincoln Holdings, LLC group, which owns 100 percent of the NHL Washington Capitals and the WNBA Washington Mystics and 44 percent of the NBA Washington Wizards and Verizon Center. Lerner Enterprises was awarded the 1999 Greater Washington Family Business of the Year Award.