(BaseballStL) – After a long and winding road, the St. Louis Cardinals have acquired the Memphis Redbirds.
The Memphis Redbirds Baseball Foundation announced Friday that it has reached an agreement that would rescue the financially troubled club and their stadium, AutoZone Park.
The agreement calls for the St. Louis Cardinals to acquire the Memphis 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 Redbirds were listed as tied for eighth in Forbes list of minor league baseball’s most valuable teams.
The team value is listed at $29 million. It was the only team owned by a not-for-profit organization in the country.