’Birds, Cards keep talking

Selling price ‘tricky part’

Discussions between the Memphis Redbirds Foundation and the St. Louis Cardinals about the sale of the Triple-A baseball team to its major league affiliate are continuing.

While some progress has been made, coming up with a suitable purchase price agreeable to both the Cardinals and the foundation’s bondholder, Fundamental Advisors, remains the major hurdle.

“Getting all parties to agree to a financial arrangement is always the tricky part in a business transaction,” said foundation treasurer John Pontius.

Since it was reported in April that the two sides were exploring a possible deal, Pontius said the Redbirds have been clearing up “a few structural and operational things.”

“It’s mostly balance sheet cleanup and operational improvements,” Pontius said. “I think all the things that stand in the way of a long-term transaction with the Cardinals, or some other very creditable buyer/owner/ operator, are pretty much behind us.”

Because the foundation has business relationships with both Fundamental Advisors and the Cardinals, talks of a possible sale have occurred frequently. But Pontius stopped short of saying a deal was close.

“We’re optimistic that things will get done,” Cardinals’ general manager John Mozeliak said.

In addition to agreeing to a purchase price for the ballclub, there is also the issue of who will take control of AutoZone Park, of which more than $50 million of debt is still owed.

Pontius has f loated the idea to city officials that they could purchase the stadium and sign the Cardinals to a long-term lease. The bonds issued

by the city to pay for the purchase of the ballpark would be expected to be funded by the Cardinals’ lease payments.

City officials have yet to commit to such a plan. Pontius also didn’t rule out the possibility of the Cardinals buying both the team and the stadium.

In the meantime, Pontius and the foundation continue trying to make the Redbirds and Au- toZone Park attractive assets to possible suitors.

“For me, we have to make sure we don’t take our eye off the ball, no pun intended,” Pontius said. “We’ve got games to play and patrons to service. We want to do a good job for the city and for our fans, and I think we are. I feel really good about the product that we’re putting on.”

The Redbirds return home at 6:05 p.m. Thursday to host Nashville. They won, 6-5, at Iowa on Wednesday, ending a fivegame losing skid.