The sale of the Chattanooga Lookouts to Atlanta-based general partners Jason Freier and John Woods has been approved by Major League Baseball.
Freier and Woods signed an agreement in December to purchase the Lookouts from Frank Burke, who had owned the storied Class AA franchise since 1995. The sale had to be approved by the Southern League, Minor League Baseball and Major League Baseball.
The Lookouts have scheduled a news conference this afternoon at AT&T Field's Budweiser Pavilion. Freier and Woods are expected to be in attendance, as are Chattanooga mayor Andy Berke and Hamilton County mayor Jim Coppinger.
Freier is the chairman and chief executive officer of Hardball Capital in Atlanta, which operates the Fort Wayne (Ind.) TinCaps of the Midwest League and the Savannah (Ga.) Sand Gnats of the South Atlantic League. Woods grew up in East Ridge and is now a banking executive.
Contact David Paschall at dpaschall@timesfreepress.com at 423-757-6524. Previous news report: