WE NEED HIM BACK: The Owner of Philadelphia Phillies, John S.Middleton announced to sell the team
The Buck family will sell about a third of their ownership position in the club to Stanley C. Middleman.
Middleman, a native of Philadelphia, started Freedom Mortgage.
Of course, MLB must approve this transfer, but according to rumors, they expect to seal the deal by next month.
Majority owner John Middleton issued a statement regarding Middleman’s entry into the ownership group as a limited partner.
“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 said in a statement. “As proven by Freedom Mortgage’s tremendous success, Stan is determined to succeed. I respect his enthusiasm, dedication, and tenacity in growing his firm. Stan’s abilities, among many others, make him a significant addition to our ownership group, and we are delighted to welcome him.
This accession to the ownership group is unlikely to have a significant impact on the team’s day-to-day operations. However, having a new ownership partner who grew up as a Phillies fan is always special.
John S. Middleton, the Phillies’ managing partner and major owner, is mostly responsible for the team’s choice to spend heavily on free agents like Kyle Schwarber and Zack Wheeler.
Middleton was front and center to accept the National League Championship trophy as the Phillies defeated the San Diego Padres and advanced to the World Series against the Houston Astros.
So who is John Middleton, who seven seasons ago became the public face of an ownership group that had previously avoided the spotlight?
In a 2021 interview, he stated that the team will spend money, “and maybe be a little stupid about it,” to end its decade-long playoff drought. He has also been known to leave the owner’s box and wander about Citizens Bank Park, talking to fans, taking photographs with them, and even inviting certain lucky fans to watch the game from their seats.
Here’s what else you should know about him:.
How did John Middleton make money?
Middleton, a 67-year-old Amherst College and Harvard Business School graduate, sold his family’s tobacco business to Altria, Philip Morris’ parent company, for $2.9 billion in 2007. His Philadelphia great-great-grandfather founded a tiny tobacco shop in 1856, which served as the foundation for the family business. The company started selling cigarettes in the 1950s and moved into cigars with the Black and Mild brand in 1980. In 2003, John Middleton became the sole owner of the company after purchasing his relatives’ ownership holdings for over $200 million, during a period when the tobacco industry was the focus of national lawsuits.
What is John Middleton’s net worth?
