CINCINNATI, March 9 (UPI) -- Three minority owners of the Cincinnati Reds have put their combined 51.5 percent stock up for sale, the Cincinnati Enquirer reported Wednesday.
The owners said the shares will be offered for sale as a block, expected to sell for at least $100 million.
The sale, which would award the buyer majority interest in the club, is not expected to have short-term effects on team's roster or the front office. Carl Lindner, whose company controls 37 percent, is "CEO for life" of the Reds, the team's ownership agreement stipulates. However, over the course of the next decade, the sale could radically restructure the ownership hierarchy of the Reds.
The sellers -- including the Louise Dieterle Nippert Trust, local businessman George Strike, and a division of Enquirer-owner Gannett Co. -- have hired New York-based sports investment banking firm Allen & Co. to market the team. The firm helped sell the Los Angeles Dodgers in 2004 and the Milwaukee Brewers in January.
