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Thread: Castellini group expected to buy Reds

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    He has the Evil Eye! flyer85's Avatar
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    Castellini group expected to buy Reds

    Breaking news: An ownership group led by local businessman Robert Castellini is expected to buy a majority stake in the Cincinnati Reds and will likely assume operating control of the team, sources said today.

    http://news.enquirer.com/apps/pbcs.d...SPT04/51102012

    Castellini group expected to buy majority stake in Reds
    By Cliff Peale, John Erardi and John Fay
    Enquirer staff writers


    An ownership group led by local businessman Robert Castellini is expected to buy a majority stake in the Cincinnati Reds and will likely assume operating control of the team, sources said today.

    The team is expected to issue a press release at 4 p.m.

    Under terms of the agreement, it’s believed that Reds owner Carl Lindner will give up control of the team.

    Castellini, 64, is the president of Castellini Co., a fruit and vegetable wholesaler, and has ties to baseball. He is part of the St. Louis Cardinals’ ownership group headed by Cincinnatian Bill DeWitt, who is that team’s chairman. Castellini and DeWitt previously invested in the Baltimore Orioles.

    Sources say brothers Thomas L. and W. Joseph Williams are in Castellini’s ownership group. Tom Williams is the president of North American Properties, which is headquartered in Cincinnati. Joseph Williams is the chairman.

    North American Properties has offices in Atlanta, Dallas, Ft. Myers and Minneapolis.

    It was started in 1954 by William J. Williams, who owned the Reds with his brother James from 1980-84.

    Three minority owners of the team put shares totalling 51.5 percent up for sale on March 8. That consortium included the Louise Dieterle Nippert Trust, local investor George Strike, and a subsidiary of Gannett Co., which owns The Enquirer.

    Although more than 50 percent of the team went up for sale, owner Carl Lindner is “CEO for life” of the Reds, per his ownership agreement. Lindner owns 37.5 percent of the club.

    Lindner has first right to match any offer for the shares on sale, along with William Reik, an investment manager in New York who controls about 11 percent of the team. A source today said Reik will retain that percentage of ownership in the team. It’s not known whether Lindner will keep his share of the team.

    Assuming an agreement is reached with the Castellini group and a contract is signed, the next step in the deal requires approval by Major League Baseball owners.

    While the sale would end the mystery of who controls the Reds, only time will tell the answer to this question: How much money will the new owners spend on the Reds, and what is the status of chief operating officer John Allen, general manager Dan O’Brien, and manager Jerry Narron.

    O’Brien and Narron each have one year remaining on their contracts.

    In 2005, the Reds’ payroll was just under $62 million. Although that represented a $16 million increase over 2004’s payroll, the returns were modest. The team finished 73-89, good for fifth place in the six-team National Central League Division. Cincinnati has not had a winning season since 2000. It’s the longest losing streak since the team endured 11 straight losing seasons, from 1945-55.

    By way of comparison, the New York Yankees’ payroll last year was the highest in the league at $208,306,817. The World Champion Chicago White Sox’s payroll was just over $75 million.

    Tom Williams became president of North American Properties in 1991. He was a lawyer at the law firm of Frost & Jacobs, has a bachelor of arts degree from Georgetown University, and a law degree from the University of Cincinnati.

    Joe Williams has a bachelor’s degree from Xavier University. The brothers were also part of the Cardinals ownership group.
    What are you, people? On dope? - Mr Hand

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  3. #2
    He has the Evil Eye! flyer85's Avatar
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    Re: Castellini group expected to buy Reds

    Uncle Carl is out?

    Will anyone else follow?
    Last edited by flyer85; 11-02-2005 at 05:06 PM.
    What are you, people? On dope? - Mr Hand

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    Re: Castellini group expected to buy Reds

    Castellini, 64, is the president of Castellini Co., a fruit and vegetable wholesaler, and has ties to baseball. He is part of the St. Louis Cardinals’ ownership group headed by Cincinnatian Bill DeWitt, who is that team’s chairman. Castellini and DeWitt previously invested in the Baltimore Orioles.
    St. Louis again.....

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    The Lineups stink. KronoRed's Avatar
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    Re: Castellini group expected to buy Reds

    So it begins.
    Go Gators!

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    Re: Castellini group expected to buy Reds

    Thank You Jesus!
    "Sometimes, it's not the sexiest moves that put you over the top," Krivsky said. "It's a series of transactions that help you get there."

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    Posting in Dynarama M2's Avatar
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    Re: Castellini group expected to buy Reds

    Wicked cool. I was hoping for the Broadway guys, because they'd come with built-in marketing savvy, but I've always said the Cardinals were an excellent model for the Reds to steal from.
    Baseball isn't a magic trick ... it doesn't get spoiled if you figure out how it works. - gonelong

    I'm witchcrafting everybody.

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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by KronoRed
    So it begins.
    We can only hope they fire the GM in short order and remove any baseball decision making from John Allen(he can stay as a bean counter).
    What are you, people? On dope? - Mr Hand

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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by M2
    I've always said the Cardinals were an excellent model for the Reds to steal from.
    I can hardly wait, baby
    I can hardly wait
    'til we go down to the well
    down to the well

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    Ripsnort wheels's Avatar
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    Re: Castellini group expected to buy Reds

    Under terms of the agreement, itís believed that Reds owner Carl Lindner will give up control of the team.[/QUOTE]

    I hope and pray that this is true.
    "We know we're better than this, but we can't prove it." - Tony Gwynn

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    Re: Castellini group expected to buy Reds

    I'll reserve judgement on the new ownership. If they don't immediately fire DanO then I will remain skeptical.
    What are you, people? On dope? - Mr Hand

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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by wheels
    Under terms of the agreement, it’s believed that Reds owner Carl Lindner will give up control of the team.
    I can't imagine a group would spend $100M+ on the Reds just to be shut out of the decision making.
    Last edited by flyer85; 11-02-2005 at 05:16 PM.
    What are you, people? On dope? - Mr Hand

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    Re: Castellini group expected to buy Reds

    Under terms of the agreement, itís believed that Reds owner Carl Lindner will give up control of the team.
    First good news from Redsland in a long time. Just hope it's not the last.

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    Re: Castellini group expected to buy Reds

    I know Tom Williams -- or I should say I knew him growing up.

    Should be interesting to see how active he and his brother get in the day to day. I think I'd prefer they get industry people in there and let them work.
    "Baseball is a very, very complex business. It's more of a people business than most businesses." - Bob Castellini

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    You're soaking in it! MartyFan's Avatar
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    Re: Castellini group expected to buy Reds

    I think John Allen has to go...I mean, he can count beans someplace else...maybe a grocery store...they have beans.
    "Sometimes, it's not the sexiest moves that put you over the top," Krivsky said. "It's a series of transactions that help you get there."

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    Re: Castellini group expected to buy Reds

    Did I read that right where it said he is part of the Cardinals ownership group? I would hope he would be planning to sell that stake assuming he becomes Reds owner. Otherwise, that is a huge conflict of interest and one that I, as a Reds fan, would be very upset about. Other than that, I really don't know much about this guy or how he operates his businesses. I think the two things we should concentrate on are how he operates a business and how much he is worth. Combine those two and it might shed a little bit of light on how he might operate the Reds.


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