Originally created 03/09/99

Schott meets limited partners about sale

CINCINNATI -- Marge Schott met with some of the Cincinnati Reds' limited partners Monday to brief them on the offer to buy her controlling interest in the team.

Schott and the partners declined comment as they left the meeting at a private club downtown.

It was the partners' first chance to hear from Schott about her intention to sell all but one of her shares to a group headed by the brother of Cablevision Systems Corp.'s chairman.

The limited partners will have the option to match the $65 million offer. The sale process is expected to take months.

More uncertainty was injected into the sale process over the weekend. Carl A. Kroch, who owned one share of the Reds, died in Chicago. He was one of Schott's most outspoken critics.

Schott has agreed to sell her controlling interest in the Reds rather than accept another suspension from baseball. She has received an offer from a group headed by Cleveland lawyer Larry Dolan, whose brother Charles is chairman of Cablevision.

Schott, 70, owns 6 shares in the team and is the general partner. The limited partners own the other 8 shares.

The current ownership agreement expires at the end of 2000, at which time the limited partners may be able to oust Schott if she hasn't already sold he controlling interest.


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