The Cedar Rapids Kernels are close to finalizing a deal to purchase the Waterloo Bucks, a college summer team that is a member of the Northwoods League and plays at Riverfront Stadium in Waterloo.

Doug Nelson, the general manager of the Kernels, confirmed Tuesday night that the Cedar Rapids Ball Club, Inc., would like to buy the Bucks and keep the team in Waterloo. He said the details of a final agreement are still being discussed, but indicated the two sides are close.

The asking price reportedly is $400,000, but Nelson declined to confirm or deny that figure.

Nelson said a final agreement would be contingent on the Northwoods League approving the sale of the Bucks to the Kernels. It also would depend on the city of Waterloo approving a lease with the Kernels for Riverfront Stadium.

"We're still discussing a lot of things with the agreement," he said. "Our hope is that we will be able to close this fall."

The Bucks play a 72-game regular season from late May to early August. The roster is comprised of college players from around the country. They are housed with host families in the Waterloo area and are not paid to play, preserving their amateur status.

Nelson said the Kernels think owning the Waterloo Bucks would enhance the Kernels organization.

"We're always looking for opportunities to expand," he said. "Waterloo gives us a nice opportunity to expand our operation."

Nelson said there would be opportunities to utilize the expertise of Kernels personnel to help run the Waterloo Bucks. He also said there would be opportunties to share resources, due to the geographic proximity of the two teams.

Nelson said Dan Corbin, the current general manager of the Bucks, would continue to run the team during the 2015 season for the Kernels if the deal is consummated.

There are 18 teams in the Northwoods League.

An earlier report that Perfect Game USA of Cedar Rapids would be co-owners of the Waterloo Bucks with the Kernels was incorrect.

"We have had no discussions and no interest involving the purchase of any team to this point," Perfect Game owner Jerry Ford said Tuesday. "We already have a summer collegiate league in New York state.

"If the Kernels do get involved," Ford added, "at that time we might talk about partnership possibilities."