MLB Cardinals Withdraw Offer To Buy Triple-A Memphis Redbirds

Triple-A PCL Memphis Redbirds officials yesterday said that due to "turmoil in the economy and concern over future revenue projections and debt obligations," the MLB Cardinals have "withdrawn a letter of intent to buy" the team, according to Jim Masilak of the Memphis COMMERCIAL APPEAL. Cardinals Chair Bill DeWitt Jr. "recently informed Redbirds officials that his club was withdrawing its letter of intent to purchase the team and rent AutoZone Park." Redbirds President of Business Operations Bill Harter said, "What it boils down to is the economy and where we are in the economy. It isn't that they don't want to buy us. They just can't do it today." The Cardinals in September renewed their player-development contract with the Redbirds for "another four years." Harter said that the Cardinals "have not ruled out the possibility of reviving talks," but added that the Redbirds "would welcome interest from prospective buyers" (Memphis COMMERCIAL APPEAL, 1/14). Harter said that "any future sale of the team would be made easier with the player development contract in place, but the team isn't actively looking for buyers" (BIZJOURNALS.com, 1/13).