Stanley C. Middleman has bought a minority share of the Philadelphia Phillies, the club announced on Tuesday.
He joins a group headed by managing partner and chief executive John Middleton, who owns 48.75% of the team that lost the 2022 World Series to the Houston Astros.
“This is a significant moment in our partnership’s history, as it is only the second time in over 40 years we have added a new partner,” Middleton said.
Middleman purchased one-third of the 48.75% share owned by the family of recently deceased owner William C. Buck. The remaining shares are owned by Hall of Fame, former Phillies general manager Pat Gillick and the family of the late club president Dave Montgomery.
Buck’s family decided to diversify their holdings and sell part of their Phillies share to Middleman, the founder and chief executive of Freedom Mortgage Corp. in Mt. Laurel, N.J., the club said in its release about the sale.
“I’m delighted to be joining such a wonderful organization,” Middleman said. “Having grown up in Philadelphia, and spending my childhood as a huge Phillies fan, I feel truly blessed to have such an amazing opportunity in my lifetime.”
The Phillies have the fourth highest payroll in Major League Baseball, at $244.2 million, but their 28-32 record has them mired in fourth place in the National League East, 7 1/2 games behind first-place Atlanta.
Galatioto Sports Partners represented the Phillies in the sale.
