A new limited partner is joining the Phillies’ ownership group

A change is coming to the Phillies’ ownership group.

Stanley C. Middleman, a Philadelphia native and Temple graduate who founded a mortgage bank in New Jersey, agreed last week to buy one-third of the Buck family’s interest in the team, Phillies managing partner John Middleton announced Tuesday. The deal, which is expected to be finalized next month, also is pending approvals from Major League Baseball.

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At present, Middleton and the Buck family each have a 48.75% stake in the Phillies, while former general manager Pat Gillick and the family of the late team chairman David Montgomery hold 1.5% and 1% stakes, respectively. Middleman’s share would be 16.25%, while the Buck family’s would drop to 32.5%.

One thing that will remain static: As managing partner, CEO, and designated “MLB control person,” Middleton will be the team’s most visible and hands-on owner. He will continue to have the final say on budgets, including the player payroll, which has reached club-record heights.

The Phillies paid the luxury tax for the first time last year and are poised to do so again, with a payroll that is nearing $250 million. When he and the Bucks began talking with potential investment partners, Middleton, 68, made clear that he has no intention of scaling back that figure. It was a condition of the deal.

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“If my legacy is I didn’t lose any money owning a baseball team on an annual operating basis, that’s a pretty sad legacy,” Middleton told The Inquirer in spring training. “It’s all about putting trophies in the cases.

“How much money did the ‘27 Yankees make? Or the ‘29 A’s? Or the ‘75-76 Big Red Machine? Does anybody know? Does anybody care? Nobody knows or cares whether any of them made any money or not. And nobody cares about whether I make money or not.”

In a statement, Middleton noted that Middleman’s addition to the ownership group marks only the second time in more than 40 years that the Phillies have added a new partner. The first came in 1994, when Middleton’s family purchased 15% of the team.

“As evidenced by the great success of Freedom Mortgage, Stan is driven to succeed,” Middleton said. “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.”

The Bucks bought into the Phillies when Ruly Carpenter sold the team in 1981 and formed a limited partnership between three branches of the family. When Bill Buck died in March at age 94, the family sought to reduce its overall interest in the team.

Middleman, 69, founded Freedom Mortgage Corp. in 1990. With its headquarters in Mount Laurel, the company describes itself as being “ranked in the top 10 mortgage originators nationally.”

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A self-described “huge Phillies fan,” Middleman said in a statement that owning a share of his favorite team since childhood is “a dream come true.” He expressed interest in recent years in purchasing a minority share of a major league team and was linked previously with the Cleveland Guardians and Washington Nationals.

”I feel truly blessed to have such an amazing opportunity in my lifetime,” Middleman said. “My family and I hope we can be a small part in the continuing success of this world-class sports organization.”