Freedom Mortgage founder expands Philadelphia Phillies' ownership group
The Philadelphia Phillies have a new owner.
Stanley Middleman, a Philadelphia native, Temple University graduate and founder of Mount Laurel-based Freedom Mortgage, is planning to purchase 16.25% of the franchise from the family of longtime Phillies owner William Buck. The Phillies plan to finalize the sale next month, which is pending approval from Major League baseball.
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“I’m delighted to be joining such a wonderful organization,” Middleman said in a release. “It truly is a dream come true. 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.”
John Middleton, the Phillies’ managing partner and CEO, announced the addition of Middleman as a limited partner on Tuesday.
“This is a significant moment in our partnership’s history, as it is only the second time in over 40 years that we have added a new partner,” Middleton said in a release. “As evidenced by the great success of Freedom Mortgage, Stan is driven to succeed. I admire his passion, commitment and perseverance in building his business."
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After Bucks' death in March, the family decided to reduce its ownership in the club. An agreement was reached late last week with Middleman to purchase a third of the family's shares. Tri-Play, the Buck family limited partnership that holds the Phillies interest, will continue to be owned by the three family branches.
The make up of the Phillies ownership includes Middleton, who owns 48.75% of the team, according to sources. The Buck family’s share decreases from 48.75% to 32.5%. Middleman will have a 16.25% share. Pat Gillick (1.5%) and David Montgomery’s family (1%) make up the rest of the limited partnership, originally founded in 1981, when Ruly Carpenter sold the Phillies.
This article originally appeared on Delaware News Journal: Freedom Mortgage founder buys stake in Philadelphia Phillies
