Wednesday, April 07, 1999
Dolan: Limited partners' match is legitimate
BY GEOFF HOBSON
The Cincinnati Enquirer
The Dolan family believe three Reds limited partners matched a legitimate offer for ownership.
“We wish them well,” said Paul Dolan, son of Larry, the Cleveland attorney who signed a letter-of-intent to buy control of the Reds and 5.5 shares from Marge Schott for $65 million. “We no longer have a right to purchase the team.”
Limited partners Carl Lindner, Bill Reik and George Strike exercised their right Friday to match the offer.
“We understood the limiteds had a right to match,” Paul Dolan said. “We hoped it wouldn't happen, and we didn't think it would when we first signed it because of the price we were paying and the fact no one had stepped up before. But peo ple change their minds.”
A formal agreement is to be reached 10 days after the match. But sources close to Schott indicate she won't sign because the limiteds initially said the Dolan offer wasn't legitimate.
With the Dolan deal still on the table, Marge Schott signed a deal with a group that includes Steve Schott, a relative by marriage.
“If she did indeed (sign with Steve Schott), it was a mistake,” said Paul Dolan, who said his family won't pursue the matter. “I think they thought their contract with us was not binding ... and I think that was a mistake.”
Marge Schott appears headed for a legal fight. Sources said late Tuesday night she dismissed her long-time lawyer, Bob Martin, from negotiating a sale. Martin, still counsel for the Reds, had no comment.
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