PHILADELPHIA (CBS) -- We already have a Middleton, now we're adding a Middleman. A Temple grad born and raised in Philly just bought an ownership share in the Philadelphia Phillies, the team announced Tuesday.
Stanley C. Middleman is purchasing one-third of the Phillies' ownership stake that was owned by the late William C. Buck.
Middleman is the founder and CEO of Freedom Mortgage Corporation, a bank with headquarters in Mount Laurel, N.J.
Buck passed away in March at 94 years old and his family is reducing their ownership share at the club. Currently, the Buck family and Middleton family each own 48.75% of the Phillies, with the rest held byand the .
The deal is still subject to MLB approvals. But assuming it goes through, Middleman would own about 16% of the Phillies organization.
"I'm delighted to be joining such a wonderful organization. It truly is a dream come true," Middleman said in a statement. "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."
In a statement, Phillies Managing Partner John Middleton said this only the second time in 40 years that the Phillies have added a new partner.
Middleton will remain the Phillies' managing partner and CEO after the deal.
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