Phillies add three new investors to ownership group

PHILADELPHIA -- The Phillies have expanded their ownership group.

Managing partner John Middleton announced on Friday that the Phillies have added three new investors to their limited partnership: Mitchell L. Morgan, Guntram J. Weissenberger Jr. and a third investor who wishes to remain anonymous. The Middleton and Stanley C. Middleman families will contribute additional funds to the group as well.

A more robust group will inject capital into the Phillies’ operations as they tackle debt from the COVID-19 pandemic, operating losses since then, the pursuit of an expansive complex in Clearwater, Fla., improvements at Citizens Bank Park and more.

Middleton will remain the club’s managing partner, chief executive officer and MLB control person, although the family divested some of its interest in the club to expand ownership.

“It came down to broadening the base of investors or retaining our interest,” Middleton said on Friday. “That’s exactly what it was. We decided that for the long-term best interest of the Phillies that we really wanted to bring in an additional investor or two, and that in turn caused us to accept a slightly smaller stake. But not much.”

Middleton owned 48.75 percent of the team in June 2023, when Middleman joined, according to sources. At the time, Tri-Play -- the Buck family’s limited partnership -- owned 32.5 percent, followed by Middleman at 16.25 percent, Pat Gillick (1.5 percent) and David Montgomery’s family (1 percent).

When the Buck family decided to divest a couple of years ago, Middleton made it clear to prospective investors that he prizes winning above everything, so anyone who joined would need to be on board with that philosophy.

That hasn’t changed. The Phillies have had one of baseball’s highest payrolls over the past several years, and that number will remain among the highest in 2025. In fact, it will increase to some degree. But the recent additions to ownership don’t necessarily mean the Phillies are going to blow past the third and fourth luxury tax thresholds.

“It’s hard to go much crazier with the payroll,” Middleton said.

Still, as unlikely as it is, expect the Phillies to be connected to free-agent outfielder Juan Soto until he signs in free agency

“I don’t think we need to have more star players,” Phillies president of baseball operations Dave Dombrowski said last month. “We have as many stars as about anybody in baseball. So I don’t think necessarily that you need to add more. John is very accommodating and giving, but you're also in a position where you're still working with a payroll.

“I don't necessarily think that the answer is always a star player. I'm not saying we won't get one, but I don't think it's a necessity by any means.”

Morgan is founder, chairman and chief executive officer of Morgan Properties, a real estate investment management firm based in Conshohocken, Pa. According to the Phillies, Morgan Properties owns a multifamily portfolio of more than 96,000 units across more than 350 communities in 19 states. The family recently donated $50 million to the Children’s Hospital of Philadelphia (CHOP) to create a state-of-the-art facility, the Morgan Center for Research and Innovation.

Morgan currently serves as the chairman of the Board of Trustees of Temple University. The family is also a limited partner of the NFL's Washington Commanders.

“We could not be more excited and prouder to be a part of this world-class organization and join the ownership group of the Phillies,” Morgan said in a statement. “We are thankful to John and the entire Phillies organization for the opportunity of a lifetime. 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.”

Weissenberger is president of Westover Companies, founded in 1965 and headquartered in King of Prussia, Pa. Westover Companies “provides quality living for its residents at nearly 15,000 apartments in over 70 communities in the Philadelphia suburbs, New York, New Jersey, Delaware, Maryland and Florida.” It also manages commercial and retail space in the Philadelphia area. Weissenberger and his employees have supported Alex’s Lemonade Stand, Project HOME, hope+door and other non-profit organizations.

“Growing up near Phoenixville, Pa., the Phillies have always been a big part of my life,” Weissenberger said in a statement. “To join John and his entire team is not only fulfilling a childhood dream, but also proof that I was always destined to be a better businessman than shortstop.”

Middleton said the anonymous investor simply wishes to avoid the spotlight.

“They’re not alone,” Middleton said. “Back 30 years ago when we joined, there were partners in the Phillies who really, really didn’t want to be known. They liked the team, they wanted to support the team.”