UPDATE: Chattanooga Mayor Andy Berke weighed in on the sale of the Lookouts in a statement saying "The Chattanooga Lookouts have a strong history in our city and each year hundreds of thousands of fans enjoy watching them play ball. The new owners understand that Chattanooga is a great place to do business and I’m excited to hear they intend to keep the team here.”

"Great cities have good entertainment, great cities have professional sports and good cities have iconic brands," said CVB CEO Bob Doak. "When we as a city continue to dream big, think big and build big, we will continue to be successful. That's why I believe this group chose to buy this team."

PREVIOUS STORY: It appears the Chattanooga Lookouts Baseball Club has found new owners.

Channel 3 Sports confirmed Wednesday night that an agreement of sale has been reached between current owner Frank Burke and two Atlanta area businessmen.

Jason Freir, CEO of Hardball Capital, confirmed the agreement of sale has been reached between the Lookouts and his company, which also owns and operates the Fort Wayne TinCaps, The Savannah Sand Gnats and The Salem Avalanche. Freir also says his company is also building a new stadium and installing a new baseball franchise in Columbia, South Carolina.

READ MORE | Chattanooga Lookouts link up with the Minnesota Twins

Freir says he hopes the sale will be approved by officials with the Southern League, MILB as well as MLB in time for baseball's opening day in April.

Freier adds that prospective co-owner John Woods is a graduate of East Ridge High School.