John Woods, a former Chattanoogan who is now the executive director of an investment banking firm in Atlanta, could be the next owner of the Chattanooga Lookouts.

"I'm a long way from closing, but I've put my bid in and it seems like they've accepted my bid," Woods said Wednesday. "We're getting ready to go to a purchase agreement. I need to get up there and get my hands around this thing. I've just got to go through a period of due diligence."

Lookouts owner Frank Burke has been trying to sell the team since the end of the 2010 season. An agreement was reached several weeks ago with businessman John Hughes of Warner-Robins, Ga., but that deal fell through earlier this month.

Hughes had no interest in relocating the Lookouts, and neither does Woods, who grew up in East Ridge and is a 1983 East Ridge High graduate.

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