Originally posted on Fox Sports Midwest
By FS MIDWEST STAFF  |  Last updated 11/15/13
Parents are always looking out for their kids, and the same can be said for the St. Louis Cardinals and their Triple-A affiliate Memphis Redbirds. The Memphis Redbirds Baseball Foundation announced Friday that it has reached a strategic agreement that would rescue the financially troubled Redbirds and AutoZone Park.The Foundation has been operating the Redbirds and AutoZone Park under a forbearance agreement since it defaulted on its required bond payment in 2010. The agreement calls for the Cardinals to acquire the Redbirds and the City of Memphis to acquire AutoZone Park. The City would then lease the ballpark to the Redbirds through a long-term lease agreement. The agreement includes a significant capital investment in AutoZone Park to add features that will significantly improve the overall fan experience. The plan has the full support of the Foundations sole bondholder, Fundamental Advisors LP ("Fundamental"), who will retire the original bonds issued by the Memphis Center City Revenue Finance Corporation as part of the transaction. Fundamental has agreed to take a significant discount on the original principal amount of the bonds as part of this transaction. Mayor A C Wharton, Jr. and members of his administration have conducted extensive due diligence and will recommend the Memphis City Council approve the transaction during its December 3rd meeting. The agreement calls for the parties to close the transaction by December 31, 2013. "We are thrilled that we are in a position to return the stadium back to the people of Memphis," said John Pontius, treasurer for the Memphis Redbirds Baseball Foundation. "Our team will benefit from best-in-class leadership of the Cardinals. We want to thank everyone involved, and look forward to a bright future ahead as a part of this world-class organization." "The Redbirds represent the best of minor league baseball," added William DeWitt Jr., Chairman and CEO of the St. Louis Cardinals. "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." "Returning ownership of AutoZone Park to its fans is a major victory for our city," said Mayor A C Wharton, Jr. "This agreement will retire all of the outstanding bonds and will stabilize the long-term future of the Redbirds and AutoZone Park. Also, we will be investing in our future and partnering with the best organization in MLB. We have done our homework and believe that it is in the best long-term interests of the City and its residents to move forward with this transaction. On December 3rd, I will encourage City Council to approve this agreement, which I believe will bring renewed excitement and energy to Memphis and our beloved Redbirds." "We are proud of what we have achieved by working with the City, the Foundation and other interested parties during the turnaround phase of this project," said Laurence Gottlieb, Chairman and CEO of Fundamental Advisors. "By every observable metric, the team and stadium are in a far better place today than when we acquired the bonds. The time is right to turn the stadium back over to the great city of Memphis, and to leave the team in the hands of the world-class St. Louis Cardinals organization. We will be cheering from the sidelines."
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Dallas Cowboys' team employee bus involved in fatal crash

Aldon Smith posts video under a pseudonym of a blunt on Periscope

WATCH: Cam Newton get blocked by a girl playing volleyball

Russia avoids complete ban from Rio Olympics by the IOC

Report: Padres trying to move Andrew Cashner, Derek Norris

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Baseball's top prospect called up to majors by Astros

Report: Braves 'aggressively' shopping Francoeur, Aybar

Report: Hue Jackson designing plays for Terrelle Pryor

Report: Darnell Dockett expected to announce retirement

Report: Yankees have not discussed releasing A-Rod

Report: D-Backs making Shelby Miller available via trade

Cristiano Ronaldo spars with Conor McGregor in gym

Adam Silver is the new standard-bearer for league commisioners

Iowa football player held at gunpoint by police while playing Pokemon Go

Eight most significant injuries going into NFL training camp

Man. U players banned from playing 'Pokemon Go?'

Ken Griffey Jr. put on backwards hat during HOF speech

Mike Piazza honors 9/11 victims during Hall of Fame speech

Jeremy Lin hints he is racially profiled by arena employees

Why did Rio mayor offer to put kangaroo in Olympic village?

Joe Maddon wastes no time cracking Chris Sale joke

Report: Lamar Odom walked out on family intervention

One Gotta Go: Do NBA players really love NBA2K?

All Sports News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

One Gotta Go: Do NBA players really love NBA2K?

Effect of ban on Russia could span beyond the Olympic Games

One Gotta Go: NBA players hate Facebook too

QUIZ: Name every city to host the NBA All-Star Game

One Gotta Go: NBA players settle the fast food beef

One Gotta Go: NBA players make tough choices on their favorite rappers

One Gotta Go: NBA Summer League is not about that Game of Thrones life

The top NHL free agents available as offseason winds down

WATCH: NBA jersey sponsors that need to happen

Expansion draft playing heavy hand in the current NHL offseason

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker