Wednesday, March 10, 1999
Dolan says there's more to talk about
BY GEOFF HOBSON
The Cincinnati Enquirer
Paul Dolan acknowledged Tuesday his family has to have more discussions with the Reds' limited partners before their dream to buy the team becomes reality.
“There needs to be some dialogue between us and the limited partners at the right time,” Dolan said.
Dolan, whose father Larry has a $65 million offer on the table to buy Marge Schott's controlling interest, wouldn't be specific about a time frame. Presumably, it's soon because Schott believes the limiteds have just 28 days to decide if they want to match the offer of Dolan, a Cleveland attorney.
That sets up another summit meeting between two of Ohio's most influential community leaders in Dolan, a sports enthusiast and effective entrepreneur, and Reds' limited partner Carl Lindner, a legendary international financier who owns a little less than two shares of the club.
One scenario being played out privately is that the two men craft a power compromise some see as a can't-miss situation for the Reds, in which Dolan's deep pockets and day-to-day control of the team is backed by Lindner's enormous local influence and popularity.
But before that happens, the limited partners have to decide on a strategy. There are those who believe this is the partners' best chance to end their tumultuous 14 years with Schott and wonder why they have yet to match.
But some limiteds argued during Monday's partnership meeting that since Dolan and Schott have yet to agree on a formal sale agreement, the 30-day clock to match a deal hasn't started.
Still, sources close to the deal said Tuesday not only is Dolan prepared to make the agreement formal, but Schott would honor the letter-of-intent if the limiteds match it.
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