Terms of the transaction were not released.
That the Lookouts were for sale was not a secret: owner Frank Burke announced he was selling the franchise after the death of his father, Dan Burke. As far back as 2010 Burke shopped the team as a way to settle a family estate. And a sale of the team was announced earlier this year.
Hardball Capital and Jason Freier own the Fort Wayne TinCaps (Low Class A; Midwest League) and the Savannah Sand Gnats (High Class A; Carolina League). Fort Wayne has been one of the biggest success stories of the past decade in Minor League Baseball: the opening of Parkview Field attracted some $100 million in new investment in downtown Fort Wayne, providing a successful model for a new ballpark as an economic driver. They are replicating the formula in Columbia, S.C., where a new ballpark will be a driver of new development in the downtown area.