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SKYLANDS PARK MANAGEMENT OFFERS TO PURCHASE INTEREST IN NEW JERSEY CARDINALS

 AUGUSTA, N.J., Nov. 15 /PRNewswire/ -- Skylands Park Management, Inc. (NASDAQ: SKYP), developer, owner and operator of the soon-to-be- completed Skylands Park Sports & Recreation Center in Sussex County, N.J., has offered to purchase up to a 24.99 percent interest in Minor League Heroes, L.P. (MLH), the New Jersey limited partnership that owns the New Jersey Cardinals professional baseball franchise.
 Approval for the transaction will be required from the New York- Pennsylvania Professional Baseball League, National Association of Professional Baseball Leagues (NAPBL), and Major League Baseball (MLB).
 The Cardinals, a Short-season Class `A' affiliate of the National League St. Louis Cardinals, play in the New York-Penn League and have signed a 15-year lease, beginning in June 1994, with Skylands Park Management (SPM) to play in a 4,200-seat, state-of-the-art professional baseball stadium currently under construction in Augusta, N.J.
 The announcement was made by Frederick A. Voight, chairman and chief executive officer of SPM.
 Under terms of the offer, SPM would purchase whole or partial limited partnership units with cash, the company's common stock, or a combination of cash and common stock. On a per unit basis, SPM is offering $70,000 in cash; $50,000 in cash and $25,000 in shares of the company's common stock, or $80,000 in common stock.
 MLH is comprised of 21.05 units. The SPM offer places the value of the franchise at between $1,473,500 and $1,684,000. SPM would become the largest holder of limited partnership interests if two or more units were purchased.
 According to Mr. Voight, the SPM offer "breaks new ground" in terms of valuing Short-season Class `A' professional baseball franchises, but "is in line" with projected annual revenue for the New Jersey Cardinals, which is expected to reach $1.5 million by 1995.
 More than 1,700 season tickets for the Cardinals' 1994 home schedule at Skylands Park have been sold, well in excess of season ticket sales for any franchise operating in the New York-Penn League during the League's 54-year history. MLH purchased the team in February 1991 for $746,000, when it was operating unprofitably in Hamilton, Ontario.
 The SPM offes? open thru 5 p.m. EST on Friday, Dec. 3, 1993. For purposes of the offer, the value of SPM shares of common stock is to be determined by calculating the average of the closing offer price of a share of common stock for the 10 trading days prior to and including Dec. 3, 1993.
 Payments to MLH will be made by SPM to the owners of record of the units on or before Jan. 10, 1994.
 -0- 11/15/93
 /CONTACT: Robert A. Hilliard of Skylands Park Management, 201-702-7656/
 (SKYP)


CO: Skylands Park Management, Inc. ST: New Jersey IN: SU:

WB-SH -- NY110 -- 4573 11/15/93 15:05 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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