The Memphis Redbirds, the AAA farm club of baseball’s St. Louis Cardinals, are in default on their stadium bonds.

The team issued $50 million worth of bonds  in 1998 to pay for the acquisition of the team and the construction of AutoZone Park. A default notice from US Bank, the trustee for the bonds, says the Memphis Redbirds Baseball Foundation failed to make a $1,625,000 payment on March 1.

The payment was funded out of a debt-service reserve, but the foundation remains on the hook for the money. The failure to pay constitutes an “event of default” according to the notice, which is dated April 20. The default also is mentioned in a Bloomberg story today.

In January, the Cardinals cancelled an agreement to buy the Redbirds from the nonprofit foundation.