St. Louis Cardinals: Memphis Redbirds Majority Interest Sold
The St. Louis Cardinals have agreed to sell a majority interest in the AAA-affiliate Memphis Redbirds to Peter B. Freund. This writer is left scratching his head.
The St. Louis Cardinals announced today that they have agreed to sell a majority interest in the Memphis Redbirds to a man named Peter B. Freund. Who is Peter B. Freund? When I first read this, I almost dismissed it as a scam based on his name alone and would have if it weren’t for the official press release from the Redbirds.
To answer the question of identity, Peter B. Freund (forgive me for using his whole name throughout this article)- according to the press release- is currently serving as the President of Trinity Packaging Corporation out of Armonk, N.Y. What?! How would this man, in this industry, find his way to the Memphis Redbirds?
According to the release, the Cardinals were not shopping the sale of any portion of the affiliate but simply couldn’t walk away from the offer. What does this mean? Best guess is that this meant in-hand cash which is always golden in business.
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But still, why would Peter B. Freund want a major portion of the Memphis Redbirds? I love them as is evidenced in my earlier article gushing about AutoZone Park and the affiliate, but why would a businessman from New York want this team? Short answer is likely that he owns other minor league teams (single-A teams) and is looking for a larger investment with larger payouts. Could you blame him then for buying into one of America’s favorite organizations?
To close things on this slightly confusing topic, I find one major positive note in the press release: found in the quote from Bill DeWitt, Jr. Dewitt, Jr. stated, “I look forward to working with Craig and his staff to continue building on what has already been accomplished in a relatively short period of time” (3/7/16 Memphis Redbird press release).
Next: St. Louis Cardinals' Affiliation with Memphis
One final thing, it is noted that Peter B. Freund has yet to miss an opening day at Yankee Stadium in 36 years and I’m left wondering if he wants to take me with him this season…?