Relax, it’s not what you think!
The Philadelphia Phillies and managing partner John Middleton announced the addition of Stanley C. Middleman to the Phillies ownership group in a press release on Wednesday morning. Middleman, the founder and CEO of Mt. Laurel, NJ based Freedom Mortgage, will purchase 16.25% of the Buck’s ownership stock. John Middleton will still retain his majority 48.75% share in the team as the majority owner.
The addition of Middleman marks the first major changes to Phillies ownership since 1994 when the Middleton family bought in. Middleman’s addition comes after the passing of longtime Phillies owner William C. Buck. The Buck family decided to diversify its assets according to the release thus allowing Middleman to buy in. The Bucks, through Tri-Play limited partnership, still retain around 33% in the team. Other owners include former general manager Pat Gillick and the Montgomery family.
You can read the Phillies press release here.
A lifelong Phillies fan, Middleman’s Freedom Mortgage is one of the top rated mortgage originators in the United States. The Freedom Mortgage brand name may seem familiar, the company has the naming rights to the building formerly known as the E-Centre/Tweeter Center/Susquehanna Bank Center/BB&T Pavilion in Camden, NJ.
The deal is set to close in July once approved by all necessary parties including Major League Baseball.
So there ya have it folks, the Phillies have a new Middleman!
