Purchase of Cincinnati Reds Baseball Team
A New Chapter
Dinsmore helps Castellini take the reins
At its core, Cincinnati is a baseball town and no person embodies that spirit more than hometown businessman Bob Castellini. His passion for the game is evidenced through many years of involvement with Major League Baseball, having held minority ownership and partnership roles with the Texas Rangers, Baltimore Orioles and St. Louis Cardinals.
After learning in late 2005 that a group of minority owners were interested in selling their interest in the Cincinnati Reds, Castellini enlisted Dinsmore to guide his ownership group’s effort to purchase the team. Negotiating, financing and closing the transaction required legal acumen, creativity and a healthy dose of diplomacy. Dinsmore attorneys worked with discretion through meticulous negotiations and not only helped Castellini to acquire controlling interest in the club but also to establish a blended ownership structure, incorporating a mix of legacy, voting and non-voting units.
Dinsmore’s success was rooted, in part, in its attorney’s experience navigating complex financial challenges, particularly those involving debt financing, as well as their understanding of the procedures and regulations governing MLB club ownership. Dinsmore’s approach built momentum that enabled Castellini and his group to assume operating control of the team after just six weeks of negotiations – an efficient result that afforded him the opportunity to put his stamp on the team before spring training began. Additionally, Dinsmore worked closely with the club’s minority ownership stakeholders throughout the entire process, building consensus and relationships as they guided negotiations to ensure stability and long-term success for the club.
Helping to guide Castellini through the challenges associated with purchasing a controlling interest in the Cincinnati Reds afforded Dinsmore tremendous experience and a unique opportunity to play an active role in putting one of the games most storied franchises on a path to success.