Craig Stein, who purchased the club 22 years ago for $1 million, finalized an 80 percent sale of the team to the parent club, according to sources cited by Mike Drago of the Reading Eagle. [Link]
Reading Phillies President Chuck Domino said the sale has already met Eastern League, Minor League and Major League approval and was closed on Dec. 4. While the total sale price wasn't confirmed, earlier in the month, Class AA Altoona, also of the Eastern League, sold for a reported $18-20 million, according to an Altoona paper. Eastern League insiders told Drago the Reading franchise is possibly worth more. Domino, who oversaw Reading’s transformation into a model minor league franchise and currently serves as president of both the Reading and Lehigh Valley franchises, expects business to proceed as normal. The Phillies are also believed to have a large financial stake in Lehigh Valley, which opened for business last season. Reading has been affiliated with the Phillies since 1967.