JUPITER, Fla. • Less than two years after taking ownership of their Class AAA affiliate, the Cardinals are selling controlling interest of the Memphis Redbirds to Peter B. Freund, the principal owner of Trinity Baseball Holdings.

The move means the Cardinals will no longer own their highest affiliate, and it ends a run where they owned their top three affiliates.

The Cardinals still own Class AA Springfield and High-A Palm Beach.

By selling a majority interest in the Triple-A team the Cardinals are not changing their player development agreement. The Cardinals will still control player movement, the roster, and the coaching staff in Memphis. Craig Unger, who the Cardinals placed at Memphis to oversee the first two years of ownership, will remain there and receive a promotion to president and general manager of the Memphis Redbirds.

In a statement, Cardinals chairman Bill DeWitt Jr. said he was not looking to sell a controlling stake in the Triple-A team but saw a "win" when Freund showed interest. Freund is a minority owner of the New York Yankees.