Tuesday, April 13, 1999
Reds sale: dispute over money
BY JOHN ERARDI and GEOFF HOBSON
The Cincinnati Enquirer
The holdup to a deal between Marge Schott and the Reds' limited partners seems to be money, sources told The Enquirer.
Schott met with the limited partners for nearly 41/2 hours Monday, but no agreement was reached.
Schott's position is that the $65 million offer from Cleveland attorney Larry Dolan — the deal the limiteds originally said was not binding, then decided April 2 to match — is no longer on the table.
The operative deal, which Schott was proposing Monday, is the Steve Schott deal. Mrs. Schott agreed to a deal with her cousin after the limited partners said the Dolan deal was not binding.
There was a difference of opinion Monday among the principals about how much more it would cost the limited partners to match the Steve Schott offer.
Steve Schott declined comment Monday to The Enquirer. Marge Schott left the meeting without comment.
Cincinnati financier Carl Lindner, one of three limited partners reportedly involved in matching the offer (others: William Reik and George Strike), also declined comment.
The meeting between Mrs. Schott and the limited partners at the Queen City Club downtown started at 2 p.m., and the last of the participants didn't leave until 6:30 p.m
But for two of the biggest players, it didn't last quite that long: Lindner walked out of the club and into his white convertible Rolls Royce (top up) at 4:45 p.m.; 10 minutes later, Schott stepped into her black Buick Riveria.
Inside, several principals remained, including several limited partners; Steve Schott; Jim Evans, Lindner's attorney; and Schott's new attorney, Frank Kelley, former attorney general of Michigan. Discussions apparently will continue, because nothing was resolved on Monday.
In matching Dolan's $65 million offer, the limiteds also matched certain perks included in that deal: Mrs. Schott would get to retain her blue-level box seats, a luxury suite and an office in the Reds' stadium. But Major League Baseball still would have to sign off on that agreement. Some of the perks, especially the office, might not be approved by MLB.
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