MLB Cardinals Looking To Buy Minor League Affiliate Redbirds
The MLB Cardinals yesterday "took a major step toward buying" the Triple-A PCL Memphis Redbirds by releasing a joint statement "confirming they have signed a nonbinding letter of intent to pursue a transaction" for the club, according to Jim Masilak of the Memphis COMMERCIAL APPEAL. In the statement, the teams said they "expect that it will take several weeks of negotiations to achieve a definitive agreement." Any deal for the team "would be complicated by the club's nonprofit status." Both the Redbirds and AutoZone Park are owned by the Memphis Redbirds Baseball Foundation and operated by Blues City Baseball. Due partially to remaining debt on AutoZone Park, it is "unlikely that the Cardinals will pursue [the park] along with the club." Masilak reports while few MLB teams own minor league clubs, the Cardinals are "making a habit of buying their affiliates." The Cardinals "own all or part" of the Double-A Texas League Springfield Cardinals, the Single-A Florida State League Palm Beach Cardinals and the instructional level Appalachian League Johnson City Cardinals (Memphis COMMERCIAL APPEAL, 9/17). Redbirds President of Baseball Operations Dave Chase said of the agreement, "There's no timetable and it will be a long process with us getting a lot done on some days and not getting anything done on other days." Chase added that the "most important part of the deal for the Cardinals is to maintain its market in Memphis." Memphis "ranks second only to the metro St. Louis area as the team's largest market for tickets and fan support" (BIZJOURNALS.com, 9/16).
|
Related Stories By Company
|
Related Stories By Sport
|
Cardinals Name McGwire Hitting Coach
October 27, 2009 :
SportsBusiness Daily
MLB Cardinals Exceed Attendance Projections
August 10, 2009 :
SportsBusiness Daily
Obama's Appearance Limited Musial Tribute
July 16, 2009 :
SportsBusiness Daily
Prince Fielder Wins Home Run Derby
July 14, 2009 :
SportsBusiness Daily
MLB, Cards To Begin Installing Mini Arches
June 16, 2009 :
SportsBusiness Daily
|
Boras, Manfred Talk About Finances Escalate
November 20, 2009 :
SportsBusiness Daily
Selig: Concerns Around Economy Still Exist
November 20, 2009 :
SportsBusiness Daily
MasterCard Present At WS DVD Premiere
November 20, 2009 :
SportsBusiness Daily
Hicks Hopes To Remain Rangers Majority Owner
November 19, 2009 :
SportsBusiness Daily
Selig Committed To Condensing Playoffs
November 19, 2009 :
SportsBusiness Daily
|
|
