Wednesday, April 14, 1999
Schott's perks at issue
Limiteds don't want her hanging around
BY JOHN ERARDI and GEOFF HOBSON
The Cincinnati Enquirer
Some of the Reds' limited partners are concerned about some of the perks for Marge Schott in the Larry Dolan and Steve Schott deals, a source close to the proposed sale of Mrs. Schott's shares said Tuesday.
Both the Dolan and Steve Schott deals provide that Mrs. Schott, the Reds president and chief executive officer, would get to retain her field-level box seats, a luxury suite and an office in the Reds' front office.
What most concerns some of the limiteds is allowing Mrs. Schott to retain an office in the Reds' facilities. Mrs. Schott's presence would be just another reminder that she has something to say about running the Reds, the source said.
And that is exactly what the Reds' limited partners and Major League Baseball want to avoid, the source said.
“Major League Baseball could (excise) that part of the deal they don't want in there, even though it's been agreed to by (the limiteds),” the source said. “But, sure, there's concern.”
“Major League Baseball has the authority to approve or disapprove any deal,” said Rich Levin, a spokesman for Major League Baseball. He would not elaborate and said he would not “speculate” on the particulars in either of the deals.
There is a difference of opinion among the principles in this sale whether the Steve Schott deal is for significantly more money. On the face of it, the deal appears to be for only a couple of million dollars more. But there were questions raised at Monday's meeting between Mrs. Schott and the limited partners whether there might be more to it than that.
But even if the offer is for a great deal more, the limiteds intend to match it, said a source inside the limited partners' camp.
“We'll match any reasonable offer,” the source said.
Part of the money the Steve Schott group would pay to Mrs. Schott would be designated to a charitable organization on her behalf.
Mrs. Schott would not take a call from the Enquirer on Tuesday.
Dolan is a Cleveland attorney. Steve Schott is Mrs. Schott's cousin by marriage. They both have made offers for 5.5 of Mrs. Schott's 6.5 shares.
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