I hope new ownership cleans out the crap (John Allen and Dan O'Brien) in upper management and starts fresh. Whether they spend money or not is unknown, but Castellini does have part ownership in the Cards, which he'll have to sell. Hopefully by watching what they've done in St. Louis it will bring about a similar gameplan to be successful.
Local group taking over Reds
Carl Lindner giving up CEO position
By John Erardi, John Fay and Cliff Peale
Enquirer staff writers
The Cincinnati Reds will soon have a new boss.
An ownership group led by local businessman Robert Castellini expects to assume operating control, the team announced Wednesday.
Joining the 64-year-old Castellini, who is expected to become the new CEO, are brothers Thomas L. and W. Joseph Williams.
Tom Williams, 48, is president of North American Properties, which is headquartered in Cincinnati.
Joseph Williams, 62, is chairman.
Terms of the agreement are still being worked out, but ultimately, a source said, the Castellini group may control as much as 70 to 80 percent of the team.
Some additional owners likely will be brought in, but it's undecided how many and at what percentage.
The deal is expected to be approved by Major League Baseball in about 30 days. The Reds' press release announcing the sale said "the purchase price of the interests sold will be based on an enterprise value of the club of approximately $270 million."
Castellini, described by associates as "passionate and knowledgeable" about baseball, would not comment Wednesday.
He is a longtime friend of Cincinnati businessman Bill DeWitt, with whom he was a fellow owner of the Baltimore Orioles, Texas Rangers, and, most recently, the St. Louis Cardinals.
"Bob is a great fan and has been ever since I've known him," DeWitt said Wednesday. "He has always enjoyed (baseball) and watches a lot of games, on TV and at the ballpark. He knows the players. Clearly, he's a big fan."
Baseball rules prevent Castellini from discussing the deal.
However, in a statement released by the Reds, Castellini offered his thoughts on current Reds chief executive officer Carl Lindner, who will maintain a stake in the club.
"Carl has meant so much to the Reds and the city of Cincinnati. As such, we are thrilled that he has agreed to continue his association with the club as a significant partner in our ownership group," Castellini said.
"I look forward to finalizing the agreement and submitting our group for MLB approval in the very near future as we are very excited about this opportunity and are eager to get started on the work ahead," he said.
Like Castellini, the Williams brothers are minority shareholders in the Cardinals - stakes they will have to relinquish. DeWitt said the Williams brothers are also big baseball fans and have enjoyed their involvement in ownership.
Their father was an owner of the Reds in the 1970s during the Big Red Machine era and ran the club as general managing partner from 1980-84.
"That's good baseball pedigree," DeWitt said. "They go to a lot of games, have for years, and continue to go to a lot of Reds games as season-ticket holders."
The Castellini group will have the shares to control the franchise's direction.
"(Wednesday's) announcement clarifies Carl Lindner's position with respect to the turnover of control to a new generation of leadership for the Reds," said Steve Greenberg, investment banker for the sellers. "Mr. Lindner has been exceedingly generous and helpful throughout the process, and I know he didn't come to this (turnover of control) lightly."
Lindner enjoyed running the Reds, say the people around him.
He and current limited partners William J. Reik Jr. and George L. Strike intend to retain an interest in the club.
It's unclear whether Louise Nippert will remain part of the ownership group.
"It's fair to say she will follow the lead of Mr. Strike, Mr. Reik and Mr. Lindner," said Carter Randolph, spokesman for Nippert. "It's complicated. It involves taxes and her desire to remain part of the Reds. She loves the Reds. She's always been the No. 1 fan. She'd like to see the new guys win a World Championship and add the trophy to her collection."
Nippert's late husband, Louis, was principal Reds owner from 1973-80, during which time the team won two world titles.
Three minority owners of the team put shares totaling 51.5 percent up for sale on March 8. That consortium included the Nippert Trust, Strike, and a subsidiary of Gannett Co., which owns The Enquirer.
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.
"It's all part of the process," MLB spokesman Patrick Courtney said. "It all depends on how complicated the transaction is. Some have gone very quickly. Others have taken a period of time."
Payroll and personnel
While the sale would end the mystery of who controls the Reds, only time will answer these questions: How much money will the new owners spend on the Reds? 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.
"Until it's approved, nothing will change," Narron said.
In 2005, the Reds' payroll was just under $62 million. Although that represented a $17 million increase over the 2004 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 - the longest losing streak since its 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.
Carl Lindner giving up CEO position
By John Erardi, John Fay and Cliff Peale
Enquirer staff writers
The Cincinnati Reds will soon have a new boss.
An ownership group led by local businessman Robert Castellini expects to assume operating control, the team announced Wednesday.
Joining the 64-year-old Castellini, who is expected to become the new CEO, are brothers Thomas L. and W. Joseph Williams.
Tom Williams, 48, is president of North American Properties, which is headquartered in Cincinnati.
Joseph Williams, 62, is chairman.
Terms of the agreement are still being worked out, but ultimately, a source said, the Castellini group may control as much as 70 to 80 percent of the team.
Some additional owners likely will be brought in, but it's undecided how many and at what percentage.
The deal is expected to be approved by Major League Baseball in about 30 days. The Reds' press release announcing the sale said "the purchase price of the interests sold will be based on an enterprise value of the club of approximately $270 million."
Castellini, described by associates as "passionate and knowledgeable" about baseball, would not comment Wednesday.
He is a longtime friend of Cincinnati businessman Bill DeWitt, with whom he was a fellow owner of the Baltimore Orioles, Texas Rangers, and, most recently, the St. Louis Cardinals.
"Bob is a great fan and has been ever since I've known him," DeWitt said Wednesday. "He has always enjoyed (baseball) and watches a lot of games, on TV and at the ballpark. He knows the players. Clearly, he's a big fan."
Baseball rules prevent Castellini from discussing the deal.
However, in a statement released by the Reds, Castellini offered his thoughts on current Reds chief executive officer Carl Lindner, who will maintain a stake in the club.
"Carl has meant so much to the Reds and the city of Cincinnati. As such, we are thrilled that he has agreed to continue his association with the club as a significant partner in our ownership group," Castellini said.
"I look forward to finalizing the agreement and submitting our group for MLB approval in the very near future as we are very excited about this opportunity and are eager to get started on the work ahead," he said.
Like Castellini, the Williams brothers are minority shareholders in the Cardinals - stakes they will have to relinquish. DeWitt said the Williams brothers are also big baseball fans and have enjoyed their involvement in ownership.
Their father was an owner of the Reds in the 1970s during the Big Red Machine era and ran the club as general managing partner from 1980-84.
"That's good baseball pedigree," DeWitt said. "They go to a lot of games, have for years, and continue to go to a lot of Reds games as season-ticket holders."
The Castellini group will have the shares to control the franchise's direction.
"(Wednesday's) announcement clarifies Carl Lindner's position with respect to the turnover of control to a new generation of leadership for the Reds," said Steve Greenberg, investment banker for the sellers. "Mr. Lindner has been exceedingly generous and helpful throughout the process, and I know he didn't come to this (turnover of control) lightly."
Lindner enjoyed running the Reds, say the people around him.
He and current limited partners William J. Reik Jr. and George L. Strike intend to retain an interest in the club.
It's unclear whether Louise Nippert will remain part of the ownership group.
"It's fair to say she will follow the lead of Mr. Strike, Mr. Reik and Mr. Lindner," said Carter Randolph, spokesman for Nippert. "It's complicated. It involves taxes and her desire to remain part of the Reds. She loves the Reds. She's always been the No. 1 fan. She'd like to see the new guys win a World Championship and add the trophy to her collection."
Nippert's late husband, Louis, was principal Reds owner from 1973-80, during which time the team won two world titles.
Three minority owners of the team put shares totaling 51.5 percent up for sale on March 8. That consortium included the Nippert Trust, Strike, and a subsidiary of Gannett Co., which owns The Enquirer.
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.
"It's all part of the process," MLB spokesman Patrick Courtney said. "It all depends on how complicated the transaction is. Some have gone very quickly. Others have taken a period of time."
Payroll and personnel
While the sale would end the mystery of who controls the Reds, only time will answer these questions: How much money will the new owners spend on the Reds? 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.
"Until it's approved, nothing will change," Narron said.
In 2005, the Reds' payroll was just under $62 million. Although that represented a $17 million increase over the 2004 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 - the longest losing streak since its 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.