The Philadelphia Phillies announced Friday that three new investors were added to the team’s ownership group, including Board of Trustees chairman Mitchell Morgan.
Morgan, the founder and CEO of Morgan Properties, has been on the Board of Trustees since 2002. He graduated from the Fox School of Business in 1976 and the Beasley School of Law in 1980. Recently, he made the 2024 Forbes 400 Net Worth list with an estimated $5.5 billion in assets. The Board of Trustees reappointed Morgan as chair for another year in their October meeting.
“We are thankful to John [Middleton] and the entire Phillies organization for the opportunity of a lifetime,” Morgan said in the press release. “As lifelong Phillies fans, our family is passionate about everything we do, and the Phillies is an emotional, not a financial, investment. We look forward to supporting John in continuing to build a winning culture and bringing championships back to Philadelphia.”
Morgan joins entrepreneur Guntram Weissenberger Jr. and a third anonymous investor in the new partnership. Both Middleton and Middleman will be contributing additional funds to the estimated $2.93 billion team value.
The Phillies currently have the fifth-highest player payroll in the league at $261 million. Even with expensive players like pitcher Zach Wheeler, first baseman Bryce Harper and shortstop Trea Turner, the additional funds the new investors add could increase the chances that the team signs a high-price free agent this offseason.
John Middleton, the current managing partner and CEO of the Phillies, first bought a 15% share of the Phillies in 1994. He currently holds a 48% ownership stake.
Stan Middleman joined the ownership group in July 2023 with a 16.25% stake, joining the Montgomery and Buck family, and Pat Gillick. David Montgomery, the late Phillies president, died in 2019 and led the design of Citizens Bank Park, the Phillies’ stadium.
“We are fortunate to have three new investors, all of whom have lifelong, multi-generational ties to the Philadelphia region and its business, academic and charitable communities,” Middleton said in the press release. “Their significant investment is a vote of confidence in our baseball operations, and the financial resources they are providing will allow us to pursue our strategic growth opportunities and long-term goals.”
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