Citing the poor economy, the St. Louis Cardinals have withdrawn their offer to buy their Triple-A affiliate, the Memphis Redbirds.
Citing the poor economy, the St. Louis Cardinals have withdrawn their offer to buy their Triple-A affiliate, the Memphis Redbirds (Class AAA; Pacific Coast League).
The Cards and the Redbirds’ nonprofit parent had agreed on a letter of intent for the transaction in 2008. In their decision to walk away from the deal, the Cards reps said a poor outlook for the parent teams in 2009 — and the need to circle the financial wagons, presumably — led to the decision. In other words, it’s me, not you.
It’s not clear what happens next for the Redbirds. That the team has faced some financial issues the past few years is no secret. But we’re guessing the underlying financials for the team are sound, and team officials say there’s no plan to sell the team — though apparently the door will be left open should the Cardinals reconsider.