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Thread: Castellini group expected to buy majority stake in Reds

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    Castellini group expected to buy majority stake in Reds


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    Tired of talk. Win! Joseph's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    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.

    Championships for MY teams in my lifetime:
    Cincinnati Reds - 75, 76, 90
    Chicago Blackhawks - 10, 13
    University of Kentucky - 78, 96, 98, 12
    Cincinnati Bengals - None
    Chicago Bulls - 91, 92, 93, 96, 97, 98

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    Tired of talk. Win! Joseph's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    I don't know what to say. It's another local guy, and while I don't know if that's necessarily bad, it gives me the immediate negative vibe. Hopefully they'll dispell that vibe swiftly though with mass firings of current FO people.

    Championships for MY teams in my lifetime:
    Cincinnati Reds - 75, 76, 90
    Chicago Blackhawks - 10, 13
    University of Kentucky - 78, 96, 98, 12
    Cincinnati Bengals - None
    Chicago Bulls - 91, 92, 93, 96, 97, 98

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    Maple SERP savafan's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    Being part of the Cardinals' ownership group can't be a bad thing, can it?
    My dad got to enjoy 3 Reds World Championships by the time he was my age. So far, I've only gotten to enjoy one. Step it up Redlegs!

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    SERP Emeritus paintmered's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    Let the firings begin!
    What if this wasn't a rhetorical question?

    All models are wrong. Some of them are useful.

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    breath westofyou's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    It's another local guy,
    If IIRC the Reds haven't been owned by a non local owner since John Brush owned the team in the 1890's and early 20th century, and he was in Indy.

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    Tired of talk. Win! Joseph's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    Quote Originally Posted by westofyou
    If IIRC the Reds haven't been owned by a non local owner since John Brush owned the team in the 1890's and early 20th century, and he was in Indy.
    You may well be correct, I haven't gone researching it myself. My reasoning for my statement is that there is obviously the room to now say the best option wasn't chosen because Lindner etal pushed for local rather than best. I don't know that is the case, just saying this choice leaves that speculation open. I hope they are the best choice and turn things around and build something here. I hope no one took my comments as intentionally negative, because I'm glad the news is out finally.

    Championships for MY teams in my lifetime:
    Cincinnati Reds - 75, 76, 90
    Chicago Blackhawks - 10, 13
    University of Kentucky - 78, 96, 98, 12
    Cincinnati Bengals - None
    Chicago Bulls - 91, 92, 93, 96, 97, 98

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    Re: Castellini group expected to buy majority stake in Reds

    This is GREAT NEWS!!!!!!!!!!!!!!!!!!!!!!!!!! i like the fact they are local. i wanted it, i just didnt want it at the expence of a better option. i like the fact that they were part of the cardinal organization. hopefully, even though just owners, they share and bring the same views of how to RUN a team from top to bottom.

    im pissed its only minor ownership and lindner didnt sell his shares. hopefully in time he will. i like that he gave up control, but thats just words. ill believe it when i see it

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    He has the Evil Eye! flyer85's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    Quote Originally Posted by paintmered
    Let the firings begin!
    I would be happy for the Reds and it would certainly signal to the fans that

    "business as usual"

    will not be tolerated.
    What are you, people? On dope? - Mr Hand

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    Re: Castellini group expected to buy majority stake in Reds

    Quote Originally Posted by Joseph
    You may well be correct, I haven't gone researching it myself. My reasoning for my statement is that there is obviously the room to now say the best option wasn't chosen because Lindner etal pushed for local rather than best. I don't know that is the case, just saying this choice leaves that speculation open. I hope they are the best choice and turn things around and build something here. I hope no one took my comments as intentionally negative, because I'm glad the news is out finally.
    i agree, and we dont know all options. but I THINK this was the best option of the ones i know of

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    Re: Castellini group expected to buy majority stake in Reds

    Quote Originally Posted by Ricardo Cabesa
    I would be happy for the Reds and it would certainly signal to the fans that

    "business as usual"

    will not be tolerated.
    one can only hope. every front office guy should get the axe. anyone who had decision making powers, gone. scouts, gone. minor league guys, gone.

    can you tell i dont like who is here anywhere

  13. #12
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    Re: Castellini group expected to buy majority stake in Reds

    Before they were part owners of the Cardinals, the Castellini's were minority owners of the Orioles. This was around the time Camden Yards was built. They sold out to Angelos shortly after or during the strike (1995). The O's were a good time back then.

    This is great news, not just because they are local, but because they have experience with franchises that know what to do to put a good product on the field. I don't think they'll put up with the nonsense that has gone on at the Great American Ballpark for the last few years, Linder or no Linder.

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    breath westofyou's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    Quote Originally Posted by Joseph
    You may well be correct, I haven't gone researching it myself. My reasoning for my statement is that there is obviously the room to now say the best option wasn't chosen because Lindner etal pushed for local rather than best. I don't know that is the case, just saying this choice leaves that speculation open. I hope they are the best choice and turn things around and build something here. I hope no one took my comments as intentionally negative, because I'm glad the news is out finally.
    I think it goes

    Stearns
    Brush
    Flieschmen/Herrmann Machine
    Weil
    Central Trust Bank
    Crosley
    DeWitt
    Dale
    Williams Bros
    Marge
    Lindner

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    Re: Castellini group expected to buy majority stake in Reds

    Well, it's 4:28 pm...
    "As long as I have fun playing, the stats will take care of themselves." - Ken Griffey Jr.

  16. #15
    You know his story Redsland's Avatar
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    Re: Castellini group expected to buy majority stake in Reds

    Out with the banana man, in with the vegetable man.

    :dancingco
    Makes all the routine posts.


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