New limited partner to join Phillies ownership group
Phillies Managing Partner and Chief Executive Officer John Middleton announced today that Stanley C. Middleman will join the Phillies ownership group as a new limited partner. Currently, the Middleton family and Buck family each hold a 48.75% interest in the club, with the remaining interests held by Pat Gillick and the Montgomery family.
As a result of the recent passing of longtime Phillies owner William C. Buck, the Buck family has decided to diversify its assets by reducing its ownership interest in the club. Late last week an agreement was reached whereby Middleman will purchase one-third of the Buck family interest. Tri-Play, the Buck family limited partnership that holds the Phillies interest, will continue to be owned by the three family branches.
With over 30 years of experience in the financial services industry, Middleman is the founder and chief executive officer of Freedom Mortgage Corporation, a full-service mortgage bank headquartered in Mount Laurel, N.J. The company is ranked among the top 10 mortgage originators nationally.
“I’m delighted to be joining such a wonderful organization. It truly is a dream come true,” said Middleman. “Having grown up in Philadelphia, and spending my childhood as a huge Phillies fan, I feel truly blessed to have such an amazing opportunity in my lifetime. My family and I hope we can be a small part in the continuing success of this world-class sports organization.”
“This is a significant moment in our partnership’s history as it is only the second time in over 40 years that we have added a new partner,” Middleton noted. “As evidenced by the great success of Freedom Mortgage, Stan is driven to succeed. I admire his passion, commitment and perseverance in building his business. Those qualities, and many more, make Stan an important addition to our ownership group, and we are excited to welcome him to this organization.”
The transaction is set to close in July and remains subject to securing all necessary MLB approvals. After the closing, Middleton will remain the Phillies’ managing partner, CEO and MLB control person.