Castellini Group Buys 70 Percent of Shares ; 'Everybody Raves About Him,' Selig Says After $270m Purchase

Summary

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Twenty-nine Major League Baseball owners unanimously approved the sale of controlling interest in the Cincinnati Reds on Thursday to a group of Cincinnati businessmen led by Robert Castellini.

Castellini, president of the Castellini Co., a fruit and vegetable wholesaler, will take the title of Reds chief executive officer, which previously was held by Cincinnati businessman and philanthropist Carl H. Lindner.

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Castellini Group Buys 70 Percent of Shares ; 'Everybody Raves About Him,' Selig Says After $270m Purchase

Castellini and his group paid about $270 million for approximately 70 percent of the team, said Steve Greenberg, managing director of Allen and Co., a New York investment bank specializing in the sale of professional sports franchises. The sale had been announced in November, pending MLB approval.

In March, three members of the...

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