Sold! Memphis Owns Baseball Stadium & Cardinals Own The Redbirds
(Memphis) The St. Louis Cardinals officially own the Memphis Redbirds and the City of Memphis owns AutoZone Park.
The deal, which has been in the works for months, was finalized today.
The City of Memphis will lease the stadium to the Cardinals.
The Cardinals are scheduled to play the Redbirds in an exhibition game tonight at 6:35 at AutoZone Park.
The total purchase price of the park at last report was $36 million including financing and $4.5 million in improvements to the stadium.
The Cardinals will pay $300,000 a year in rent and could pay an additional $100,000 if revenues fall short of projections.
AutoZone will pay $100,000 for ten years of naming rights for the park.
Bonds will also be issued and there are rebates expected on sales tax at the park.
Cardinals GM John Mozeliak said the organization wants to make a profit and grow the team to perform as it should for a city of this size.
While there are many supporters of the deal, there are also those who question the need for the city purchasing the once privately owned park.