Done deal: WooSox owners sell majority of shares to Diamond Baseball Holdings

WORCESTER — The Worcester Red Sox officially have a new owner.

On Tuesday, Diamond Baseball Holdings announced its purchase of the Boston Red Sox’ Triple-A affiliate. The announcement did not include the sale price, but media reports citing unnamed industry sources have estimated it to be about $70 million. The sale is expected to be completed before the end of the year.

Diamond Baseball Holdings will buy out a majority of the 11-member WooSox ownership group while retaining Ralph Crowley, Larry Lucchino and Jim Skeffington Jr.

The official announcement comes less than a month after Lucchino, the WooSox principal owner and chairman, said he was looking to sell the team.

“At 78, and after 44 years in baseball, I believe it’s time to have a succession plan, one that assures a commitment to baseball and a commitment to Worcester,” Lucchino said in a press release. “There is no organization more committed to Minor League Baseball than Diamond Baseball Holdings.”

After serving as president and CEO of the Boston Red Sox for 14 years, Lucchino stepped down to become part of a group that purchased the Triple-A Pawtucket Red Sox for $25 million in 2015. In 2018, Lucchino secured a long-term commitment to move the team from Rhode Island to Worcester.

With the sale, the WooSox will remain the Triple-A affiliate of the Boston Red Sox and continue to play at Polar Park in Worcester with Lucchino as chairman, Dr. Charles Steinberg as president, Dan Rea as general manager and executive vice president of business and real estate, and the current front office staff.

Crowley, CEO of Polar Beverages, Polar Park’s naming rights partner, will play an active local role on behalf of his family and the ownership group, according to the press release.

On the same day it confirmed the WooSox deal, Diamond Baseball Holdings announced it was purchasing the New Hampshire Fisher Cats (Double-A affiliate of the Toronto Blue Jays) and the Louisville Bats (Triple-A affiliate of the Cincinnati Reds) in similar press releases.

That brings the number of minor league clubs in the company's portfolio to 29.

Founded in 2021, Diamond Baseball Holdings already owned two other Red Sox affiliates, the Single-A Salem Red Sox and Double-A Portland Sea Dogs.

More: What to know about Diamond Baseball Holdings, the company in line to buy the WooSox

Diamond Baseball Holdings’ executive chairman is Pat Battle and its CEO is Peter Freund.

“We are thrilled to add the WooSox to the DBH family, our third Red Sox affiliate and a transformational Triple-A franchise for both Minor League Baseball and the City of Worcester,” said Battle and Freund, respectively, in the press release. “We are beyond excited to partner with Ralph Crowley of Polar Beverages on the purchase of the club and very grateful to Larry Lucchino, Sam Kennedy, and the entire Red Sox organization for entrusting us with this incredible franchise.”

“The WooSox ownership group is proud of what we’ve set in motion and thrilled to now give (Diamond Baseball Holdings) the reins,” Crowley said. “Peter, Pat and the team at DBH are committed to advancing our shared vision of excellent baseball and a standout fan experience for the Worcester community. Larry and I are grateful to the Red Sox organization for the continued partnership and look forward to more Red Sox baseball with DBH.”

Diamond Baseball Holdings bought the Portland Sea Dogs Dec. 6, 2022, before purchasing the Salem Red Sox three months later. According to Sea Dogs president and general manager Geoff Iacuessa, the changeover in ownership has been seamless so far.

“The transition has been tremendous. I’m sure Worcester will see it, too, and I’m sure fans will have a lot of questions, but Diamond was very transparent from the start that these Minor League Baseball teams are run locally,” Iacuessa said. “So, they’ve been really supportive of us in what we do day in and day out.”

First trip to Polar: Red Sox chief baseball officer Craig Breslow shares thoughts on organization in first visit to the home of the WooSox

The future of the team and ballpark are of high interest to Worcester residents, with the city having financed construction of the ballpark. The game plan is to cover the borrowing with lease revenues, new property taxes and other new revenue sources generated by private development associated with the project.

Calls to the office of City Manager Eric D. Batista were not immediately answered.

The WooSox’ original lease to play at Polar Park remains intact following the team’s third full season in Worcester.

“We have a 35-year lease by which we will abide,” Rea said. “Polar Park is one of the crown jewels of Minor League Baseball and when (Diamond Baseball Holdings) visited us, they saw how special the place is. ... I think one of the biggest assets of this franchise right now is Polar Park.”

The Worcester Red Sox finished last season in fourth place of the International League East with a 79-68 record. The WooSox begin their 2024 season on the road with a series against the Lehigh Valley IronPigs before hosting the Buffalo Bisons for their home opener April 2.

— Contact Tommy Cassell at tcassell@telegram.com. Follow him on X, formerly known as Twitter, @tommycassell44. 

This article originally appeared on Telegram & Gazette: Worcester Red Sox sell Triple-A club to Diamond Baseball Holdings