On Monday, in an unexpected fashion, the St. Louis Cardinals announced that they have reached an agreement to sell the majority share of their AAA Affiliate Memphis Redbirds to Peter M. Freund, Principal Owner of Trinity Baseball Holdings. Pending the Pacific Coast League’s approval, this deal will go in place on April 1st, 2016.
— George Brown (@georgebrownmem) March 7, 2016
Prior to this meeting, the organization was not looking to sell stakes in the team. However, after meeting with Freund, both sides came away happy with the deal.
Bill DeWitt Jr., Chairman and CEO of the Cardinals, said “After meeting Peter, we immediately knew that partnering with him would strengthen the Memphis Redbirds and be a win for everybody involved.”
Freund is a successful businessman with a vested interest in baseball and in owning minor league teams. He is currently the President of Trinity Packaging Corporation, located in Armonk, New York. This is a family company that started in 1917.
Freund is already part of the ownership group for two minor league affiliate teams: the Williamsport Crosscutters (Class A Affiliate of the Philadelphia Phillies) and the Charleston RiverDogs (Class A Affiliate of the New York Yankees). Freund has maintained a high level of success as an owner of the two minor league teams he already owns.
As a result of this deal, the organization becomes the minority owner for the Redbirds. Also, Craig Unger, the current General Manager of the Redbirds will now also become the president of the team, in addition to his current job.
This move, without a doubt, will strengthen the day-to-day operations of the Memphis Redbirds, a team that the Cardinals frequently depend on to develop their brightest young talents, like highly-rated prospect Alex Reyes.
The exact numbers involved in this sale were not released at this time.