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  1. As a former Memphis resident, I have to say it’s a shame. It’s a wonderful stadium and the Redbirds are generally a competitive team. But the city of Memphis is just not in a good place financially.

    Comment by Chad — February 13, 2013 @ 1:40 pm

  2. I agree; it is a wonderful stadium. If you are ever in Memphis, you absolutely need to try and catch a game–especially on a fireworks night. Their post-game show is spectacular.

    Comment by Bob Arnold — February 13, 2013 @ 1:44 pm

  3. Does FA own the park? The just own the bonds, right? Why would they not allow the stadium to be sold to the city, surely the city is more likely to repay than the Foundation?

    Comment by Cliff — February 13, 2013 @ 2:12 pm

  4. As another interesting note, I believe that Memphis is the only affiliate the Cardinals don’t own.

    Comment by gnomez — February 13, 2013 @ 2:31 pm

  5. This seems like a great opportunity for the Angels to restock their farm system.

    Comment by Jason — February 13, 2013 @ 4:24 pm

  6. Big shout out to Wendy for continuing to dig into the financial aspects of MLB. I’m a huge fan of this kind of reporting..

    Comment by fergie348 — February 13, 2013 @ 5:13 pm

  7. gnomez, without doing research, I’m pretty certain their Low A affiliate switched locations this year due to the contract being up. They may own the other ones though.

    Comment by Todd — February 13, 2013 @ 5:59 pm

  8. Low (full-season) A did indeed move from Quad Cities to Peoria, where it had been previously. There was also a move of their short-season franchise.

    Comment by Bad Bill — February 13, 2013 @ 7:45 pm

  9. Their short-season low-A NYPL affiliate Batavia, which was not owned by the Cards, is now with Miami

    Comment by Gus — February 13, 2013 @ 9:08 pm

  10. Was the foundation the owner of just the team or also the ball park? If the ball park, how did they finangle the issuance of tax free bonds? Nonprofits cant issue those alone, I think they need some public entity’s backing, which should be in the form of publicly controlled revenue source. Are the taxpayers already on the hook?

    Comment by Captain Willard — February 13, 2013 @ 10:52 pm

  11. It’s my understanding that the Cardinals were VERY close to buying the team, but backed out due to the debt load.

    The Cardinals do own their AA Springfield team, but I think that’s the only one they own outright.

    Comment by KJOK — February 13, 2013 @ 11:28 pm

  12. I think there is a joke here… but, what’s the punchline?

    Comment by zipperz — February 14, 2013 @ 2:32 am

  13. Agreed. Wendy has quickly become must-read for Fangraphs.

    Comment by walt526 — February 14, 2013 @ 3:18 am

  14. They also own Palm Beach Cardinals and Johnson City Cardinals.

    Comment by FreeRedbird — February 14, 2013 @ 4:51 pm

  15. When a company is in default (meaning they missed a debt payment) it means the creditor has the right to seize the asset as payment, and can use that leverage to demand institutional changes (giving them de facto control). Looks like this is what the bond holders did, then they sold those rights to Fundamental Advisors, who will control everything as long as the Redbirds are in default.

    Comment by Jake — February 14, 2013 @ 5:22 pm

  16. I love you, Wendy.

    Comment by ineedanap — February 15, 2013 @ 1:03 am

  17. Y’all are kind. Much appreciated.

    Comment by Wendy Thurm — February 15, 2013 @ 1:18 am

  18. *whiff*

    Comment by BVHeck — February 15, 2013 @ 11:51 am

  19. Yes, their Low A affiliate is now the State College Spikes, near Penn State.

    Comment by BVHeck — February 15, 2013 @ 11:56 am

  20. The bonds in default were backed by both the ballpark and team, so Fundamental Advisors is in charge. In case anyone is interested in additional background, I have written about this subject in recent years at <a href=http://thecardinalnationblog.com/?s=memphis+fundamental+advisors<TheCardinalNationBlog.com.

    Comment by Brian Walton — February 16, 2013 @ 8:21 am

  21. Sorry. Mistyped html before. TheCardinalNationBlog.com.

    Comment by Brian Walton — February 16, 2013 @ 8:23 am

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