The Chattanooga Lookouts expect to reveal more local owners in the team in a month or so after a federal judge agreed to let the club buy the share of accused businessman John Woods for $1.87 million.

Jason Freier, managing owner and CEO of the minor league baseball team, also said Thursday that the team remains committed to an upgraded and potentially new stadium to meet the demands of Major League Baseball.

“Nothing has changed with the situation with Major League Baseball,” he said. “We’ve got a limited amount to time to see progress on a new and compliant facility.”

Earlier this week, U.S. District Court Judge Steven D. Grimberg entered an order approving a request by the Lookouts to buy the 20.1% interest in the team owned by Woods, a Marietta, Georgia, man accused by federal regulators of conducting a massive Ponzi scheme.

The order noted Freier said that it’s critical to the future of the club to buy the…

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