Tuesday, December 29, 1998
Schott miffed by bid
Ledecky's $55M offer not enough
BY GEOFF HOBSON
The Cincinnati Enquirer
Marge Schott is said to be unhappy with the latest bid for the Cincinnati Reds, a $55 million cash offer from Washington, D.C., businessman Jon Ledecky for all of her 6.5 shares, including the two controlling interests in the club.
Sources say not only is the number about $20 million below her asking price, but Schott was upset Ledecky also sent a proposal to her limited partners the same time he sent his bid to her.
Indications are she already had an another $55 million bid on the table for all of her shares from an unknown party outside Cincinnati before Ledecky made the offer last week.
Ledecky, 40, offered the partners to invest in the purchase and unveiled a plan in which he would run the team at the direction of the limited partners. The six limiteds would form a board of directors, a more democratic form of ownership than the current one run by managing executive. (Details of offer)
Schott, the managing executive who has drawn the partners' ire for keeping them out of the loop, has been banned by Major League Baseball from running the team day-to-day since June 12, 1996.
Although Schott was upset Ledecky went to the partners, observers believe they must broker the sale because the partnership dissolves Dec. 31, 2000, and no one wants to pay top dollar for just two years of control.
“She's acting like she doesn't want to sell,” said a source close to the limiteds. “He just gave her an excuse not to sell.”
Ledecky has the offer on the table until Jan. 15.
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