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Cardinals Close on Purchase of Memphis Redbirds Information contained on this page is provided by an independent third party content provider. WorldNow and this Station make no warranties oror cheap authentic Heat jerseys representations in connection therewith.MEMPHIS, Tenn., March 28, 2014 /PRNewswire/ The St. Louis Cardinals, the city of Memphis and the Memphis Redbirds Baseball Foundation have completed the ownership transition of the Memphis Redbirds and AutoZone Park as part of a multi party transaction that secures the long term future of minor league baseball in Memphis."We are pleased to finalize the purchase of the Redbirds and are looking forward to a long term partnership with the city of Memphis," added William DeWitt Jr., Chairman and CEO of the St. Louis Cardinals. "Finalizing this deal represents a positive move toward stability of professional baseball in Memphis."As part of the agreement, the St. Louis Cardinals have acquired the Memphis Redbirds, while the City of Memphis has acquired AutoZone Park. The City will lease the ballpark to the Redbirds via a long term lease agreement. The purchase agreement includes a significant, multi season capital investment in AutoZone Park, which will be used to add state of the art features and fan friendly amenities to the ballpark. At closing, Fundamental Advisors LP, the Foundation sole bondholder, retired the original bonds issued by the Memphis Center City Revenue Finance Corporation."This is a great day for the people of Memphis," said John Pontius, treasurer for thethe Heat jerseys for sale Memphis Redbirds Baseball Foundation. "All of us stand to benefit from the significant planned improvements to AutoZone Park, which will enhance the fan experience and bring renewed excitement to the City. With the Cardinal best in class leadership, the Redbirds are destined for great things.""We are proud to announce the closing of this deal. With it comes long term benefits for our great city, including stabilizing the future of the Redbirds and AutoZone Park for decades to come," said Mayor A C Wharton, Jr. "Through this transaction we will continue our successful revitalization of downtown Memphis in fact, we are looking forward to the festivities tonight, with the highly anticipated of the Birds, when the Redbirds are hosting the Cardinals in a sold out pre season exhibition game for their 2014 season opener at AutoZone Park.""Over the past three and a half years, together with the City and the Foundation, we worked hard to stabilize the financial condition of the team and maintain the stadium at the highest level possible," said Laurence Gottlieb, Chairman and CEO of Fundamental. "Thanks to all parties involved, both the Redbirds and AutoZone Park have bright futures ahead. We are proud of what we have achieved and believe it is the right time to pass the baton onon the Heat jersey to the City of Memphis and the world class St. Louis Cardinals organization."Barrett Sports Group played an integral role in advising Fundamental on the overall deal structure. Mintz, Levin, Cohn, Ferris, Glovsky Popeo, PC acted as counsel with regard to bond and financing matters and Husch Blackwell, LLP acted as transaction counsel to Fundamental.About The Memphis Redbirds Baseball FoundationThe Memphis Redbirds Baseball Foundation is the first and only not for profit charitable organization in the United States to own and operate a professional baseball franchise, the Triple A Memphis Redbirds. AutoZone Park the finest ballpark ever built in the United States below the Major League level is the home of the Redbirds and has served as the cornerstone of development in downtown Memphis. Incorporating the Memphis Redbirds as not for profit entity allows the community to own the team and facility. For the first time in history, Mid South residents, corporate leaders and baseball fans are able to give back to the community and at the same time enjoy first class entertainment byby wholesale cheap Heat jerseys supporting Memphis Redbirds Baseball.About the St. Louis CardinalsThe St. Wild Card Titles. Founded in 27 as a private equity firm focused on revitalizing distressed assets, Fundamental now offers a range of investment vehicles that capitalize on the growing opportunity set in the municipal market. May 16 will be Walters lastlast cheap Heat authentic jerseys day co hosting "The View."More >>