MEMPHIS-The city of Memphis has gotten into the sports business. The City Council approved a plan on Tuesday to acquire the AutoZone Park baseball stadium from Fundamental Advisors for $19.5 million.
The purchase now will help facilitate the St. Louis Cardinals to acquire the Memphis Redbirds from Fundamental Advisors for $15 million. The council approved the measure by an 8-4 margin, according to the Memphis Business Journal.
The Cardinals say that the team plans to sign a four-year player development contract with the Redbirds. If the Cardinals back out of their 17-year lease with the city, the team could be responsible to pay the city of Memphis $17 million of the $31 million in debt service on the ballpark. See story in the Memphis Business Journal.