Jul 31, 2024; Philadelphia, Pennsylvania, USA; General view of Citizens Bank Park during the sixth inning of a game between the Philadelphia Phillies and the New York Yankees. Mandatory Credit: Bill Streicher-USA TODAY Sports Bill Streicher
New financial details have emerged on the capital the Phillies added with the addition of three new limited partners.
Michael Ozanian of CNBC provided the following details:
"The Phillies recently raised close to $500 million in capital from three new investors in a transaction that values the Major League Baseball team and its 25% stake in regional sports network NBC Sports Philadelphia at about $3 billion, according to two people familiar with the deal."
This does not include the additional funds that both Middleton and Stan Middleman, another limited partner, will add. The CNBC report says that when you count those two adding additional funds — something the Phillies did announce would be happening — it increases "the total capital infusion to close to $600 million."
Last week, the Phillies announced the addition of three new limited partners. Mitchell L. Morgan and Guntram J. Weissenberger Jr. have joined the ownership group, as well as a third person who chose to remain anonymous. A team spokesperson declined to reveal the exact percentages owned by each partner when asked by On Pattison, other than to say no one owns a majority of the club.
John Middleton: ‘I’m Afraid Juan Soto Wants To Be in New York’https://t.co/rR5UlgcOr8
Middleton spoke publicly for the first time since the announcement of the new limited partners at Friday's Wharton Sports Business Summit.
"We did it for financial flexibility, and [signing big free agents] is a form of that," Middleton said, according to Conor Smith of The Philadelphia Inquirer.
"It's not the only one, but it's a form of financial flexibility. We can do that. We can do these facilities down in Clearwater. We can do some things up here in Citizens Bank Park, and that's kind of what we did it for."
