Managing owner Freier plans to move forward with Lookouts, new stadium

David Paschall, Chattanooga Times Free Press, Tenn.
·1 min read

Aug. 23—Chattanooga Lookouts managing owner Jason Freier said Monday that the Double-A franchise will move forward amid news that co-owner and investor John Woods has been charged by federal regulators for defrauding more than 400 investors through a Ponzi scheme.

"We were deeply troubled to learn of the enforcement action by the Securities and Exchange Commission against one of our minority investors," Freier said through a released statement. "The Lookouts have no relationship with any of the entities mentioned in the complaint, and we do not expect our operations or future plans to be affected by this development. My number one priority is protecting the interest of the Lookouts, and John has shared with me personally that he will do whatever is best for the team, including divesting his interest if appropriate.

"We are taking all steps necessary to ensure the Lookouts remain a treasured part of the greater Chattanooga community."

Freier, the CEO of Hardball Capital that also operates the Fort Wayne (Indiana) TinCaps and the Columbia (South Carolina) Fireflies, said via phone that more than 75% of the Lookouts ownership is through Hardball Capital and other investment groups that do not involve Woods.

When asked about ongoing plans for a new Lookouts ballpark at the 141-acre former U.S. Pipe/Wheland Foundry site, Freier said, "We are still trying to figure out how to move all of that forward, and this doesn't change that at all."

This is a developing story.