Thursday, September 16, 1999
Owners OK Reds sale
Deal concludes Marge Schott's turbulent era
BY JOHN ERARDI
The Cincinnati Enquirer
COOPERSTOWN, N.Y. — At 5:30 p.m. Wednesday, Major League Baseball commissioner Bud Selig introduced Carl Lindner as the new principal owner of the Cincinnati Reds and John Allen as the club's managing executive.
“It was a touching moment,” Mr. Allen said. “The fact that we were the only new ownership to be approved speaks to the solidity of the new ownership.”
While baseball owners meeting here Wednesday tabled prospective sales of the Kansas City Royals, Montreal Expos and Oakland Athletics, they unanimously approved the sale of controlling interest in the Reds from Marge Schott, whose 15-year reign was marked by controversy, to her limited partners, led by Mr. Lindner, William Reik and George Strike.
The sale price is $67 million. The deal closes Oct. 1.
Mr. Reik, speaking from the Reds-Cubs game at Cinergy Field, said there will be no change in the day-to-day operation of the club.
“John (Allen's) in charge,” he said, “and John will be in charge.”
Mr. Selig did not comment on the Reds sale. Mr. Lindner, chairman of American Financial Group, referred questions to Mr. Allen, who said the new ownership team “can't help but be a positive for the organization. You just have to look at his accomplishments and what he has meant to the city.”
Mrs. Schott will retain one ownership share in the Reds. She will keep 21 blue-level box seats and a luxury suite.
Enquirer news services contributed to this report.
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