Control of Reds Sold for $67 Mil.
Apr. 20, 1999
CINCINNATI (AP) _ Marge Schott signed a $67 million deal today to sell a controlling interest in the Cincinnati Reds to a group headed by Carl Lindner, currently one of the team's limited partners.
Schott, 70, owns 6 1/2 of the 15 shares in the team's partnership, including the shares that make her the general partner. She agreed to sell 5 1/2 of her shares, including the general partner shares, to Lindner and two other limited partners.
The deal, in which 36.6 percent of the Reds' shares would change hands, values the franchise at about $182 million. The sale is subject to the approval of major league owners, a process that usually takes 6-15 months but might move faster in the case because the purchasers already are in the partnership.
General manager Jim Bowden called it ``a great day for Cincinnati baseball.'' He also said he and managing executive John Allen will remain in place.
Schott, who will remain on as a limited partner, was ordered by baseball officials last year to sell her controlling interest or face an extension of what amounts to a suspension from most of the team's operations.