Cardinals to sell majority interest of Memphis Redbirds

ST. LOUIS -- The St. Louis Cardinals are selling majority interest in the team's Class AAA affiliate in Memphis, Tennessee.

The team said Monday that pending approval from the Pacific Coast League, Peter Freund will become majority owner. Freund is principal owner of Trinity Baseball Holdings and is president of Trinity Packaging Corp, a plastics manufacturer based in Armonk, New York.

The deal is expected to close by April 1. Financial terms were not disclosed.

Cardinals chairman Bill DeWitt Jr. says the team believes partnering with Freund will strengthen the Memphis Redbirds and help further revitalize baseball in Memphis.

Freund is a minority owner of the New York Yankees, principal owner of the Philadelphia Phillies' Class-A team in Williamsport, Pennsylvania, and co-owner of the Yankees' Class-A team in Charleston, South Carolina.