The Philadelphia Phillies recently raised close to $500 million in capital from three new investors in a transaction that values the Major League Baseball team and its 25% stake in regional sports network NBC Sports Philadelphia at about $3 billion, according to two people familiar with the deal.

As part of the transaction, two existing owners, managing partner John Middleton and Stanley Middleman, also invested more money in the Phillies, bringing the total capital infusion to close to $600 million, according to the people.

On November 1, Middleton announced that new investors, including Mitchell Morgan, Guntram Weissenberger Jr., would be joining the Phillies. The size of the investment and the third investor were not disclosed.

Given that limited-partner stakes typically go for about 20% less than control stakes because LPs have no say in how the team is run, the $3 billion valuation equates to roughly a $3.7 billion control valuation.

That's an impressive number considering that the Baltimore Orioles were sold for $1.73 billion earlier this year and that the most ever paid for a baseball team was the $2.42 billion that Steve Cohen paid for the New York Mets in 2020.

A little more than a year ago, Middleman purchased a 16.25% stake in the Phillies at a grossed up valuation of $2.8 billion.

Based on revenue multiples, a $3.7 billion control valuation for the Phillies would be eight times 2023 revenue, compared with multiples of 5.3 for the Orioles and 6.7 for the Mets, according to historic revenue calculations.