Tuesday, March 02, 1999
Local group still wants Reds
BY GEOFF HOBSON
The Cincinnati Enquirer
Prospective local owners for the Reds aren't out of the picture yet, say sources close to the Cincinnati business community.
A group headed by William O. DeWitt Jr., principal owner of the St. Louis Cardinals, is still interested, even though Reds general partner Marge Schott has a letter of intent to sell her controlling interest to Cleveland attorney Larry Dolan.
A March 8 partnership meeting has been set to dis cuss the offer. But something could happen before then because Schott's limited partners have the right to match.
Among the players, sources say, is DeWitt, and his Cincinnati-based partners in the Cardinals — Tom Williams, Mercer Reynolds and Robert H. Castellini — who could eventually become involved.
Carl Lindner, the most influential Reds' limited partner, is at the center of all scenarios. In one sketched by sources Monday, Lindner and/or a group of limiteds match Dolan's offer, then sell to DeWitt. DeWitt, who would have to divest of the Cardinals before owning the Reds, couldn't be reached for comment.
All sides are waiting for more information on the non-binding letter of intent selling Schott's 51/2 shares for $65 million.
“We're still not sure what's going to be in the final document,” said Carter Randolph, who represents limited partner Louise Nippert. “The ball is still in Mrs. Schott's court.”
Some wonder if DeWitt is serious about leaving the Cardinals. St. Louis has a rehabbed stadium and Mark McGwire's drawing power. In 1997, the Cardinals had an operating revenue of $85 million; the Reds, $49 million. The Reds' new park won't be ready until 2003.
A source familiar with Ohio partnership law said if the limiteds match, they must accept all conditions of the sale, which includes perks for Schott, and not just price. The source also said one limited partner can't block a sale.
Reds Stories
Martin, Mickeal head All-Conference USA team
CONFERENCE-USA NOTEBOOK
ATLANTIC-10 NOTEBOOK
Bengals want Ambrose, Sawyer back
Strike zone more like twilight zone
XU, UC women lose conference finals
Miami must turn up 'D' against BG
MAC player of the year: Szczerbiak, of course
Bill Talbert, tennis legend, dead at 80
Ohio boys basketball scores
Ohio girls basketball scores
Indiana boys basketball scores
Kentucky boys basketball scores
Kentucky girls basketball scores
Bacon, Purcell roll into sectional final
St. Bernard advances to sectional final
Boone County beats Lloyd
Sharp-shooter Hiltz carries CovCath
Reds page
