Memphis, TN (SportsNetwork.com) - The St. Louis Cardinals will purchase their Triple-A affiliate in Memphis to help the struggling minor league franchise.
The Memphis Redbirds Baseball Foundation had been operating the club under a forbearance agreement since defaulting on a bond payment in 2010. The new plan has the full support of the sole bondholder, Fundamental Advisors LP.
"The Redbirds represent the best of minor league baseball," said Cardinals chairman and CEO Bill DeWitt Jr in a statement Friday. "This opens the door to countless new opportunities for our combined organization."
The City of Memphis will acquire the team's stadium, AutoZone Park, and will lease it to the Cardinals through a long-term agreement.
"We are thrilled that we are in a position to return the stadium back to the people of Memphis," said Redbirds Foundation treasurer John Pontius in a statement. "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 Cardinals and Memphis first became affiliated in 1998.