Phillies managing partner John Middleton announced that three new investors have joined the team’s limited partnership: Mitchell L. Morgan, Guntram J. Weissenberger Jr., and a third individual who wishes to stay anonymous. Additionally, the Middleton and Stanley C. Middleman families will increase their financial contributions to the group.
This strengthened ownership group will bring capital to support the Phillies’ operations, helping manage pandemic-related debt, address recent operating losses, fund an expanded complex in Clearwater, Fla., make upgrades at Citizens Bank Park, and more.
Middleton will continue as the club’s managing partner, CEO, and MLB control person, though the family has reduced some of its stake to widen ownership.
Middleton explained Friday that the decision to bring in new investors was a choice between expanding the ownership base or keeping his current share. “For the long-term benefit of the Phillies, we chose to bring in an additional investor or two, which led us to take a slightly reduced stake. But it’s not by much,” he said.
In June 2023, Middleton held a 48.75% stake when Stanley Middleman joined as an investor. At that time, the Buck family’s Tri-Play limited partnership owned 32.5%, Middleman held 16.25%, with Pat Gillick and David Montgomery’s family holding 1.5% and 1%, respectively.
When the Buck family chose to divest a couple of years ago, Middleton emphasized to potential investors that his focus was on winning, a core value any new partners would need to share. This commitment remains unchanged, as evidenced by the Phillies’ consistently high payrolls in recent years, which are set to rise again in 2025. However, Middleton cautioned that the new investments won’t necessarily push the team over the third and fourth luxury tax thresholds.
“It’s hard to go much crazier with the payroll,” Middleton added.
Though it may be a long shot, expect the Phillies to be linked to free-agent outfielder Juan Soto until he signs elsewhere.
“We don’t necessarily need more star players,” Phillies president of baseball operations Dave Dombrowski commented last month. “We already have as many stars as almost any team. So adding another isn’t essential. John [Middleton] is very supportive, but we’re still working within a payroll.” He added, “A star player isn’t always the answer. I’m not saying we won’t add one, but it’s not a necessity.”
Mitchell L. Morgan, one of the new investors, is the founder, chairman, and CEO of Morgan Properties, a Conshohocken, Pa.-based real estate investment firm. Morgan Properties oversees a multifamily portfolio with over 96,000 units across 350+ communities in 19 states. Recently, the Morgan family donated $50 million to the Children’s Hospital of Philadelphia (CHOP) to create the Morgan Center for Research and Innovation. Morgan also chairs the Board of Trustees at Temple University and is a limited partner in the NFL’s Washington Commanders.
“We’re thrilled and proud to join this world-class organization as part of the Phillies’ ownership group,” Morgan said in a statement. “As lifelong Phillies fans, this is an emotional investment for our family, not just a financial one. We look forward to supporting John in building a winning culture and bringing championships back to Philadelphia.”
The second investor, Guntram J. Weissenberger Jr., serves as president of Westover Companies, founded in 1965 and headquartered in King of Prussia, Pa. Westover operates nearly 15,000 apartments across 70 communities in the Philadelphia suburbs, as well as in New York, New Jersey, Delaware, Maryland, and Florida, and manages commercial and retail space in the Philadelphia area. Weissenberger and his team are active supporters of charities like Alex’s Lemonade Stand, Project HOME, and hope+door.
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