The MLB Cardinals yesterday "sold a majority interest" in the Triple-A PCL Memphis Redbirds to Yankees Minority Owner Peter Freund, according to a front-page piece by Phil Stukenborg of the Memphis COMMERCIAL APPEAL. The transaction requires PCL approval, which Redbirds officials said "could come early next month." Freund will be the team’s majority owner "in partnership with the Cardinals." Redbirds GM Craig Unger will be promoted to President & GM "as part of the transaction." A spokesperson for Memphis Mayor Jim Strickland said that "no changes are expected to the team’s contract with the city." Stukenborg notes the current agreement runs through '30 with "two five-year options to follow." In addition to his role with the Yankees, Freund is Principal Owner of the Single-A New York-Penn League Williamsport Crosscutters and a co-Owner of the Single-A South Atlantic League Charleston RiverDogs. Unger said that Freund’s background in MiLB "will benefit the Redbirds" (Memphis COMMERCIAL APPEAL, 3/8). In Memphis, Michael Sheffield reported the agreement "requires the deal to be closed by April 1." Cardinals Chair & CEO Bill DeWitt Jr. emphasized the Cardinals "will maintain a minority ownership stake in the team, and it will remain the Cardinals’ affiliate" (BIZJOURNALS.com, 3/7). The Cardinals still own the Double-A Texas League Springfield Cardinals and the Single-A Florida State League Palm Beach Cardinals. The MLB team "will still control player movement, the roster, and the coaching staff in Memphis" (ST. LOUIS POST-DISPATCH, 3/8).
