The Philadelphia Phillies have raised approximately $500 million in capital from three new investors, writes Michael Ozanian for CNBC Sport.

The transaction values the Major League Baseball team and its 25 percent stake in NBC Sports Philadelphia at around $3 billion.

Two of the Phillies’ existing owners, managing partner John Middleton and Stanley Middleman, have also invested more money in the team as part of the transaction, bringing the capital infusion to almost $600 million.

Middleton announced new investors would be joining the Phillies on November 1, including Mitchell Morgan and Guntram Weissenberger Jr. The third investor was not disclosed.

Since limited-partner stakes usually sell for around 20 percent less than control stakes due to their lack of decision-making power, the $3 billion valuation implies a control valuation of approximately $3.7 billion.

That is an impressive figure, especially considering the highest sale price for a baseball team was in 2020, when Steve Cohen paid $2.42 billion for the New York Mets.

It is currently unknown what the team plans to do with the proceeds from the capital raise, but there have been rumors of a possibility the Phillies could go after free agent Juan Soto.

Read more about the Philadelphia Phillies and its increased value at CNBC Sport.

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