MLB Cardinals' Purchase Of Triple-A Memphis Redbirds Set For City Council Vote

The Memphis City Council tomorrow will vote on whether the city will take on $25M in debt "to buy AutoZone Park in a multiparty deal" that would also see the MLB Cardinals "take control" of the Triple-A PCL Memphis Redbirds, according to Kyle Veazey of the Memphis COMMERCIAL APPEAL. The parties announced the deal in mid-November, but details "have been scarce until now." The $25M in debt, which would be issued by the Center City Revenue Finance Corp., includes $20M "to buy the park" from N.Y.-based private equity firm Fundamental Advisors and an additional $5M for "improvements to the facility." Under the deal, an "entity controlled by the Cardinals would operate the park." The Cardinals' entity would pay $15M for "improvements to the park such as revamped premium seating and grass berms down the left and right field lines." The Cardinals would "pay $300,000 in annual rent" to the city as part of a 17-year lease to occupy the park "with the potential of two five-year renewals" (Memphis COMMERCIAL APPEAL, 12/2).