Categories: News

Phillies add new member to ownership group; here’s what you need to know

John Middleton is the Phillies managing partner. (Cliff Welch/Icon Sportswire)

The Philadelphia Phillies announced Tuesday morning that they have added a new limited partner, with Stanley C. Middleman joining the club’s ownership group.

“I’m delighted to be joining such a wonderful organization,” Middleman said in a statement issued by the Phillies. “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. My family and I hope we can be a small part in the continuing success of this world-class sports organization.”

Here’s everything you need to know about Middleman, and what his addition means for the future of the current ownership group.

Middleman’s primary source of wealth comes from Freedom Mortgage, a company that he founded in 1990 and continues to serve as the CEO of. On the company’s website, Freedom Mortgage bills itself as “one of the nation’s top mortgage lenders because we are dedicated to expanding homeownership, including among first-time homebuyers and U.S Veterans and service members.” Freedom Mortgage is based out of Mount Laurel, NJ.

The 69-year-old Middleman attempted to purchase a minority stake in the Cleveland Guardians back in July of 2021, according to The Athletic. That never came to fruition, and instead David Blitzer — a key member of the 76ers ownership group — purchased 25% of the Guardians in June of 2022, with an option to eventually take over for Paul Dolan as the majority owner of the team.

The expectation from the Phillies is that Middleman’s purchase will become official in July, and they added the note that it “remains subject to securing all necessary MLB approvals.”

Phillies managing partner John Middleton called the addition of Middleman a “significant moment in our partnership’s history,” noting that it’s “only the second time in over 40 years that we have added a new partner.”

After the passing of William C. Buck in March, “the Buck family has decided to diversify its assets by reducing its ownership interest in the club.” That’s what opened up the door for Middleman to join the group.

Despite Middleton being the face of the ownership group, his family and the Buck family currently own an equal share of the team, at 48.75% each. Middleman has purchased “1/3 of the Buck Family interest,” meaning he’ll own approximately 16.23% of the team once this is finalized. That would leave the Buck Family with around 32.52% of the Phillies. It’s also noted that former general manager Pat Gillick and the family of the late-David Montgomery hold “the remaining interests” in the club.

Middleman’s purchase of a stake in the team will not change anything regarding Middleton’s roles at the managing partner, CEO and MLB control person of the Phillies.