The Madison city council announced in a meeting Thursday it expects to reach a license agreement with Ballcorps, LLC later in January, according to WHNT News 19.

Ballcorps, LLC became the owners of the Mobile BayBears in November.

The city confirmed their interest in the Mobile BayBears in November.

More information about the stadium's location was also discussed at Thursday's meeting. Maps presented at the meeting showed the stadium parking would be along the new Interstate I-565 entrance ramp. The stadium would be along Town Madison Boulevard.

The Minor League Baseball and Major League Baseball Organizations will have to approve the agreement and relocation agreement, WHNT reported.

Assuming the sale is completed, the team will have to go through a separate approval process to move it to another city.

"As Madison continues to enjoy tremendous growth, we are committed to enhancing our thriving economy by providing destinations and entertainment options for our citizens," Mayor Paul Finley said in a statement in November. "We have an exciting opportunity to build a multi-use venue in our city that would provide much needed conference, meeting, and event facilities as well as position us to offer the fun, regional entertainment option of minor league baseball.

"We anticipate and expect that the construction of a multi-use venue would attract additional family-friendly entertainment as well as new shopping and dining options, which is a request I get from the community every day. We are working hard with our city council to explore this opportunity to enhance our tax base and develop this project in a way that will add to our quality of life."