The Phillies on Friday announced three new limited partners/investors will be added to the team’s ownership group.
Those investors are Mitchell L. Morgan, Guntram J. Weissenberger and a third investor who wishes to remain anonymous. Additionally, “The Middleton and Middleman families also will be contributing additional funds.”
Morgan is the founder of Conshohocken, Pa-based Morgan Properties, one of the largest real estate investment management firms in the country. The Morgan family is also a limited partner in the NFL’s Washington Commanders. Morgan is also the chairman of the Board of Trustees at Temple University.
Weissenberger is the president of Westover Companies, a locally-based property management firm.
Why is this news relevant for fans? The Phillies are receiving an influx of cash by adding new investors into the ownership group. It’s unclear how much cash that is, but it could make a difference in the Phillies’ pursuit of free agents this offseason. The club is almost guaranteed to carry a record payroll in 2025. If the Phillies are looking to be major players in the Juan Soto sweepstakes, it could require the club to carry a 2025 luxury tax payroll close to $350 million.
Nothing changes in regards to who is calling the shots. Middleton is still the club’s managing partner and control person. Freedom Mortgage’s Stan Middleman purchased a third of the Buck Family’s 48.75% stake in the club in June 2023, becoming the first major addition to the Phillies’ limited partnership in over 40 years.
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Berksbaseball
November 1, 2024 at 4:38 pm
Must be nice to sell something for a bunch of money and still be in complete control of it.