MEMPHIS, Tenn. — For the second time within the past year, the St. Louis Cardinals’ Triple-A minor league affiliate is getting a new owner.
Beverly Hills, California-based sports and entertainment company Endeavor Group Holdings (NYSE: EDR) said Tuesday it has inked a deal to sell its Diamond Baseball Holdings subsidiary, which operates the Memphis Redbirds and nine other minor league baseball clubs, to global technology investment firm Silver Lake. Affiliates of Menlo Park, California-based Silver Lake hold stock in Endeavor.
The aggregate purchase price for the 10 teams is about $280 million in cash, according to a regulatory filing Tuesday by Endeavor. The deal is anticipated to close in the fourth quarter.
Endeavor formed Diamond Baseball Holdings in 2021 after acquiring several minor league clubs, including the Memphis Redbirds. Endeavor purchased the Triple-A affiliate from the team’s majority ownership group, led by Peter Freund, and the St. Louis Cardinals, which held a minority interest. The professional baseball teams added to Endeavor’s sports and entertainment holdings, which include entertainment agency WME, mixed martial arts organization UFC, and sports, fashion and media agency IMG.
“Silver Lake will be an excellent partner to these clubs going forward given their deep understanding of the business and their incredible track record of investment in sports IP,” Endeavor President Mark Shapiro said in a statement.
Silver Lake’s investment portfolio includes several sports and entertainment entities including sports marketing firm Learfield; Fanatics Trading Cards; City Football Group, owner of Manchester City Football Club in the English Premier League; and Madison Square Garden Sports, which owns the NBA’s New York Knicks and NHL’s New York Rangers.
After its sale to Silver Lake, Diamond Baseball Holdings will continue to be led by its current leadership, including Executive Chairman Pat Battle and Freund, its CEO.
Read the full story on the St. Louis Business Journal website.