The effort to bring Major League Baseball to Orlando suffered a major blow this week as two of its leading financial backers, businessman Rick Workman and attorney John Morgan, announced their withdrawal from the Orlando Dreamers ownership group.
Workman, who had been the Dreamers’ “anchor investor” and was expected to provide a significant portion of the $1.5 billion needed for franchise acquisition, has pivoted his focus. He will now serve as a minority investor in the group purchasing the Tampa Bay Rays, according to multiple reports including Sports Business Journal and WUSF.
Following Workman’s departure, Morgan, founder of the Morgan & Morgan law firm, also confirmed he is stepping away from his multimillion-dollar commitment to the project. In a statement released Wednesday, Morgan said he no longer believes the Dreamers have a clear path forward, citing skepticism about how Orlando is being treated in broader MLB negotiations.
“We were always the stalking horse,” Morgan said. “The fix is in.”
Both exits represent a significant setback for the Dreamers, an ownership group led by former MLB All-Star Barry Larkin and CEO Jim Schnorf. The group has spent the past two years promoting Orlando as a viable MLB market, citing its growing population, global tourism base, and proposed $1 billion domed stadium near International Drive.
In a statement responding to media reports, the Dreamers downplayed the impact of the investor exits. Schnorf said the group still has more than $1 billion in committed financing for both team acquisition and stadium development through letters of intent.
“While the departure of two prominent investors is disappointing, our financial foundation remains strong,” Schnorf said. “This was not a two-person project. We continue to meet with prospective investors and remain confident in Orlando’s future as a Major League city.”
The Orlando Dreamers initiative initially positioned itself as a potential landing spot for the Tampa Bay Rays, who have long struggled with stadium issues in St. Petersburg. With Workman now invested in the Rays’ ownership group and their relocation off the table, the Dreamers are shifting their focus toward expansion.
Still, the loss of both Workman and Morgan raises concerns about whether the Dreamers can maintain the financial and political momentum necessary to secure a team. Combined, the two were expected to contribute hundreds of millions in capital. Without them, the Dreamers must now quickly replace not only funding but also credibility.
Sports business noted that losing an anchor investor is particularly problematic for stadium development and negotiations with public entities, especially as the Dreamers seek support through tourism development taxes and infrastructure agreements.
Despite these challenges, the group insists it will continue pursuing MLB, leveraging Orlando’s standing as one of the country’s largest media markets without a team, and banking on its tourism-driven economy to sustain a franchise.
Whether that’s enough without its two biggest names remains to be seen.