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(Memphis) The Memphis Redbirds are one of the last nonprofit professional sports teams, but not for much longer.
The St. Louis Cardinals have reached a deal to purchase the Memphis Redbirds from the Memphis Redbirds Baseball Foundation.
The foundation has been operating at a loss and defaulted on a required bond payment in 2010.
“The Cardinals have acquired our Triple-A affiliate Memphis Redbirds. “The Redbirds represent the best of minor league baseball. This opens the door to countless new opportunities for our combined organization, and we are thrilled about the prospects for baseball fans in both of our great cities.” – William DeWitt Jr., Chairman and CEO of the St. Louis Cardinals.
The agreement calls for the St. Louis Cardinals (“Cardinals”) to acquire the Memphis Redbirds and the City of Memphis to acquire AutoZone Park.
The City would then lease the ballpark to the Redbirds through…
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