MEMPHIS, Tenn. — The St. Louis Cardinals announced on Monday they will be selling a majority interest in the Memphis Redbirds to Peter B. Freund.
Freund is the principal owner of Trinity Baseball Holdings.
If approved by the Pacific Coast League, the deal will close April 1, 2016.
“While we were not actively looking to sell a stake in the team, after meeting Peter we immediately knew that partnering with him would strengthen the Memphis Redbirds and be a win for everyone involved,” said Bill DeWitt Jr., Chairman and CEO of the St. Louis Cardinals. “To have someone of Peter’s caliber and track record of success in minor league baseball willing to make this investment further solidifies the revitalization of this flagship franchise and baseball in Memphis.”
The financial terms of the sale have not been disclosed at this time.
However, DeWitt emphasized the Cardinals would retain a minority stake in the Redbirds, and the team will continue to be the Triple-A Affiliate of the Cardinals.
According to a news release from the organization, Freund has a “successful track record in minor league baseball operations.”
He is a minority owner of the New York Yankees, the principal owner of the Williamsport Crosscutters, and the co-owner of the Charleston RiverDogs.
Memphis Mayor Jim Strickland released the following statement on the Redbirds transaction:
“I met with Peter and Craig this morning and they stressed to me that they are committed to Memphis. We welcome Peter to our city and look forward to continued success with him as majority owner and Craig as president and general manager.”
The city also said they don’t anticipate any changes to the current contract with the Redbirds.
The contract runs through 2030.