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Thread: Castellini group expected to buy Reds

  1. #61
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    Re: Castellini group expected to buy Reds

    Been reading up a little on Castellini. Owned riverfront land and was closely tied to Lindner in business relationships that helped escalate land value at the time of the development of PBS (on Castellini's land) and GAB on the riverfront. Huge donor to Bush. In short, these guys are all insiders, very well known to one another and politically connected.
    "Baseball is a very, very complex business. It's more of a people business than most businesses." - Bob Castellini

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  3. #62
    He has the Evil Eye! flyer85's Avatar
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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by lollipopcurve
    Been reading up a little on Castellini.
    Does he have a cousin Vinnie?
    What are you, people? On dope? - Mr Hand

  4. #63
    Hey Cubs Fans RFS62's Avatar
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    Re: Castellini group expected to buy Reds

    Listen, these guys didn't buy this team because they believed the past 5 years are indicitave of the potential of the Reds brand.

    They bought it because they believe it's a value investment that they can improve.

    It won't improve with the current management.

    Therefore, I'll bet Allen is gone for sure very quickly and very possibly DanO too.
    "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."
    ~ Mark Twain

  5. #64
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    Re: Castellini group expected to buy Reds

    December 27, 1996
    Castellini worried about stadium plans
    Robert Castellini, a local businessman who owns extensive riverfront property, wrote a letter to County Commissioner Bob Bedinghaus detailing his fears that new stadium plans would exclude much of his property. Recently released plans showed a stadium for the Bengals located east of Central Avenue. Castellini believes the stadiums for the Reds and Bengals should be located as far apart as possible to facilitate other riverfront development and include his property.
    And this one belongs to the Reds!!!- Hall of Famer Marty Brennaman

  6. #65
    breath westofyou's Avatar
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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by lollipopcurve
    Been reading up a little on Castellini. Owned riverfront land and was closely tied to Lindner in business relationships that helped escalate land value at the time of the development of PBS (on Castellini's land) and GAB on the riverfront. Huge donor to Bush. In short, these guys are all insiders, very well known to one another and politically connected.
    Hmmmm...

    http://www.redszone.com/forums/showp...9&postcount=28

  7. #66
    Hey Cubs Fans RFS62's Avatar
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    Re: Castellini group expected to buy Reds

    Credit where credit is due, WOY. You called it.
    "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."
    ~ Mark Twain

  8. #67
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    Re: Castellini group expected to buy Reds

    Lindner kept stake in Castellini Co. quiet
    Financier owned firm during crucial land sale
    Lucy May and Dan Monk
    Courier Staff Reporters
    In days, one of the last remnants of Cincinnati's old riverfront, Cinergy Field, will be imploded, blown into a million tiny pieces on the shores of the Ohio River. The timing is ironic, coming just weeks after the discovery of a missing puzzle piece for how Cincinnati's new riverfront took shape.

    That puzzle piece was revealed Dec. 13 in an unlikely place, a one-page news release in which Chiquita Brands International Inc. announced it was selling its ownership stake in Greater Cincinnati's largest produce distribution firm, the Castellini Co., for $45 million. Chairman Robert Castellini and members of his management team bought the company back from Chiquita for $21 million in cash and assumption of debt.

    The news registered barely a blip on the business radar screen, a relatively small deal that will give Chiquita a $10 million gain and decrease its annual earnings before taxes, depreciation and amortization (EBITDA) by $8 million.

    What made the deal interesting was that Chiquita, controlled until this year by Cincinnati financier Carl Lindner, had never previously disclosed that it owned Castellini, despite years of speculation that the ownership ties existed. That speculation reached a peak in the late 1990s, when some observers felt Lindner influenced the siting of Paul Brown Stadium to force Hamilton County to acquire Castellini's riverfront land. The county paid $36.5 million for Castellini's 24-acre riverfront property in 1998, although county officials now say Lindner had no impact on the decision.

    Chiquita spokesman Michael Mitchell said Castellini got "the great bulk of the proceeds" from the land sale, since the real estate was owned by the Castellini family, not by the company.

    Mitchell said Chiquita received a small share of the proceeds related to the county's purchase of lease agreements involving the Castellini Co.

    Mitchell also said the banana company acquired "substantially all of the equity interest in Castellini" in 1988. Another news release, issued by Castellini Co., said Robert Castellini retained a majority of the voting stock.

    "There was voting stock, and there was nonvoting stock," said Mitchell. "(Robert Castellini) owned a majority of the voting shares."

    The voting stock gave Castellini control over the company's operations.

    Both companies and Lindner, through a spokeswoman, declined to say how the ownership arrangement came about or say why it was never disclosed.

    "It was not required under SEC disclosure rules," said Mitchell, "and we chose not to disclose it."

    What all of that means in the context of Cincinnati's reinvented riverfront remains murky. By the time Paul Brown Stadium gave Castellini a way out of his riverfront property, Castellini had tried to redevelop the land himself for nearly a decade, first proposing a floating entertainment complex, then a mixture of hotels, retail and housing. Hampering those efforts was the fact that much of Castellini's land was in a flood plain, making it more costly to develop.

    Nevertheless, Castellini was still working to develop the western riverfront when the Bengals began the stadium-development process by threatening to leave town in 1995. The Bengals' original goal was a new stadium located just west of the Roebling Suspension Bridge, a spot also coveted by the Cincinnati Reds, then owned by Marge Schott, with Lindner holding a minority stake.

    After intense negotiations among business leaders and a lengthy public planning process, city and county officials moved the Bengals west. The Reds moved east, making way for The Banks, a mixed-use development that city and county leaders hope will produce housing, retail, office buildings and a hotel on the land between the stadiums.


    Hamilton County Administrator David Krings said Lindner's ownership interest in the Castellini group had no impact on the county's stadium planning or negotiations. He said he wasn't even sure that he knew of Lindner's ownership stake. Other local business leaders, who did not want to be quoted, agreed with Krings that Lindner's ownership had no impact. Others aren't so sure.

    Rob Fredericks, a legislative aide to Hamilton County Commissioner John Dowlin, said former Commissioner Bob Bedinghaus changed his bargaining stance on the Castellini land after receiving a phone call from Lindner. Fredericks said he attended a meeting where Bedinghaus disclosed the call.

    Attorney Robert Manley, who represented several produce houses relocated by the Bengals' stadium project, said one of his clients told him Lindner directly negotiated Castellini's land sale with Bedinghaus. Manley said his client got that information from either Lindner or Bedinghaus. He wouldn't say which, nor would he identify the client.

    Bedinghaus declined to comment for this story, but a local business leader, who didn't want to be identified but was close to the negotiations, downplayed Lindner's influence.

    "I never saw his hand in that thing," he said.

    Whatever Lindner's involvement, this much has long been clear: The Bengals siting decision added millions to the project's price tag. It meant the county had to purchase more land than originally expected and grant the Bengals concessions, including the placement of the team's three practice fields on the western riverfront.

    Hamilton County initially budgeted $50 million for stadium land. In the end, it paid $68 million, including more than $1 million per acre for the Castellini property. The land-acquisition process also took longer than expected, forcing design changes and construction delays. The county once estimated moving Paul Brown Stadium further west added more than $100 million in stadium cost.

    When asked if it was worth it, Krings said, "I think that the region is getting an excellent riverfront that it wouldn't have had otherwise."

    Yet it has come at a cost the county continues to bear due to lower-than-expected sales tax revenues.

    "Sometimes leadership is painful," Krings said.
    And this one belongs to the Reds!!!- Hall of Famer Marty Brennaman

  9. #68
    Hardscrabble wheels's Avatar
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    Re: Castellini group expected to buy Reds

    I completely understand how some folks might have reservations (too conservative, friends of Lindner, etc...), but whatever the socio-political bent of said new owner, the guy's got to have an understanding of how poorly run, and out of touch the franchise has become. All he has to do is look at the empty seats to see that something's amiss.

    I don't care who they know, who they vote for, or who they pray to....I just want them to go out and find a GM that can win within whatever parameters they set.

    Everything else is just peripheral.
    Pray for Rain.

  10. #69
    Posting in Dynarama M2's Avatar
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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by Chip R
    I hope so. But if these guys are indicitive of your average millionaire here they are conservative (both socially and politically). They may have been big fans of the BRM but that may mean they think things were better back in the "good old days". They may think DanO is a hoot and John Allen is just the man to keep the franchise running like clockwork. I hope I'm wrong but I think it's more of Meet the new boss... Same as the old boss.
    You might be right. Certainly if someone's going to do that, a bunch of conservative insider locals would be the leading suspects. We'll learn soon enough. Hopefully they remember you only get one chance to make a first impression.
    Baseball isn't a magic trick ... it doesn't get spoiled if you figure out how it works. - gonelong

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  11. #70
    Be the ball Roy Tucker's Avatar
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    Re: Castellini group expected to buy Reds

    http://www.castellinicompany.com/

    I see their trucks all over town.

    Pay attention to the open sky

  12. #71
    RZ Chamber of Commerce Unassisted's Avatar
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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by CincyRedsFan30
    What made the deal interesting was that Chiquita, controlled until this year by Cincinnati financier Carl Lindner, had never previously disclosed that it owned Castellini, despite years of speculation that the ownership ties existed.
    So Lindner and Castellini are more than just country club friends. Lindner actually deserves a lot of the credit for Castellini's business success.

    This also tells me that the culture of secrecy is unlikely to change with the new majority ownership. Castellini can keep secrets just as well as Uncle Carl.

  13. #72
    Hardscrabble wheels's Avatar
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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by Unassisted
    So Lindner and Castellini are more than just country club friends. Lindner actually deserves a lot of the credit for Castellini's business success.

    This also tells me that the culture of secrecy is unlikely to change with the new majority ownership. Castellini can keep secrets just as well as Uncle Carl.
    So you don't believe that he'll try to improve the investment he's just made?

    Can you envision O'Brien, Allen and co. still on board?

    I'm starting to get worried.
    Pray for Rain.

  14. #73
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    Re: Castellini group expected to buy Reds

    URGENT
    Lindner agrees to sell control of the Reds to local businessman
    By JOE KAY
    AP Sports Writer
    CINCINNATI (AP) ó Carl Lindner agreed Wednesday to sell the controlling interest in the Cincinnati Reds to a group of area businessmen, keeping baseballís first professional franchise in local hands.
    The group is headed by Robert Castellini, chairman of a Cincinnati-based produce company, and relatives of a family that owned the team from 1966-84.
    The family sold control of the team to Marge Schott in the 1980s, setting up one of the clubís most turbulent periods. The Reds won a World Series in 1990 but were tainted by her repeated offensive remarks.
    Under pressure from Major League Baseball, Schott sold her controlling shares in the team for $67 million to a group led by Lindner in 1999. The latest sale was set in motion last March, when three limited partners who owned 51.5 percent of the teamís shares indicated they wanted to sell.
    Lindner said at the time that he intended to retain control of the team, which hasnít had a winning season since it moved into Great American Ball Park in 2003.
    The purchase price sets the value of the franchise at approximately $270 million. The sale must be approved by baseball owners before it can be finalized.

  15. #74
    Posting in Dynarama M2's Avatar
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    Re: Castellini group expected to buy Reds

    Quote Originally Posted by wheels
    Can you envision O'Brien, Allen and co. still on board?

    I'm starting to get worried.
    I'm in hope-for-the-best mode. That's a kick in the jewels I just don't need unless it really happens.
    Baseball isn't a magic trick ... it doesn't get spoiled if you figure out how it works. - gonelong

    I'm witchcrafting everybody.

  16. #75
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    Re: Castellini group expected to buy Reds

    Wheels, relax. Many possibilities. O'brien could actually be "kicked up stairs" while another GM is hired for example Allen could be reassigned ete ete ete, who knows what those guys want either.

    This sounds like Lindner's handprints all over the sale. He gets rid of the operations control and becomes a Limited himself with Reik while Castellini takes over operations. That may be cause for concern, but hopefully Castellini is ready to bring some freshness to the organization that Carl is all to ready to have.


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