Philadelphia — The Phillies are planning their first significant addition to their ownership group since the Middletons in 1994.
Sources tell MLB.com that the Bucks plan to sell a third of their interest in the team to Stanley C. Middleman, the Philadelphia native and Temple University alumnus who founded Freedom Mortgage, headquartered in Mount Laurel, NJ. to close the deal next month, which awaits the necessary approvals by Major League Baseball.
Phillies fans shouldn’t notice any differences in the team’s day-to-day operations, once the deal is finalized, but expanding ownership of the club with a new limited partner should boost its financial situation. John Middleton is the team’s managing partner and chief executive officer and controller of MLB. He will still be responsible for the club, including setting budgets and payroll, which this season is a franchise record in excess of $240 million.
According to sources, Middleton owns 48.75% of the team. The Pak family share will decrease from 48.75% to 32.5%. Tri-Play, the Buck family’s limited partnership which retains Phillies interests, will remain. The share of brokers will be 16.25%. Pat Gillick (1.5%) and the David Montgomery family (1%) make up the rest of the limited partnership, originally formed in 1981, when Rollie Carpenter sold the Phillies.
“This is an important moment in the history of our partnership, as it is only the second time in over 40 years that we have added a new partner,” Middleton said in a statement. “As evidenced by the significant success of Freedom Mortgage, Stan is driven to succeed. I admire his passion, commitment, and perseverance in building his business. These qualities, and many more, make Stan an important addition to our property group, and we are excited to welcome him to this organization.”
The Phillies have been talking about expanding the ownership group with a new limited partner since at least last summer. The Bucks expressed their intention to reduce their interest in the club early last fall. Then, Phillies owner Bill Buck died in March, furthering those plans.
Coincidentally, Middleman was looking for an ownership interest in a professional sports franchise, and had previously been looking for opportunities with the Guardians and Nationals.
The Phillies started talking to Middleman, who grew up as a Phillies fan, last summer.
“I am thrilled to join such a wonderful organization,” Middleman said in a statement. “It truly is a dream come true. Having grown up in Philadelphia, and spent my childhood as a huge Phillies fan, I feel really fortunate to have such an amazing opportunity in my life. My family and I hope we can all be a small part in the continued success of this world-class sports organization.”
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