Memphis, TN (SportsNetwork.com) - The St. Louis Cardinals will purchase their
Triple-A affiliate in Memphis to help the struggling minor league franchise.
The Memphis Redbirds Baseball Foundation had been operating the club under a
forbearance agreement since defaulting on a bond payment in 2010. The new plan
has the full support of the sole bondholder, Fundamental Advisors LP.
"The Redbirds represent the best of minor league baseball," said Cardinals
chairman and CEO Bill DeWitt Jr in a statement Friday. "This opens the door to
countless new opportunities for our combined organization."
The City of Memphis will acquire the team's stadium, AutoZone Park, and will
lease it to the Cardinals through a long-term agreement.
"We are thrilled that we are in a position to return the stadium back to the
people of Memphis," said Redbirds Foundation treasurer John Pontius in a
statement. "Our team will benefit from best-in-class leadership of the
Cardinals. We want to thank everyone involved and look forward to a bright
future ahead as a part of this world-class organization."
The Cardinals and Memphis first became affiliated in 1998.
The Sports Network