SBD/Issue 52/Franchises

MLB Cardinals Group To Buy Departing Owners’ Stakes In Team

Cards’ Group To Acquire
Stake Of Departing Owners
MLB Cardinals Chair & General Partner Bill DeWitt said that the remaining members of his ownership group “plan to buy out the shares held by” Robert Castellini and brothers Thomas Williams and W. Joseph Williams Jr. when the three men “purchase a controlling ownership stake” in the Reds, according to Christopher Tritto of the ST. LOUIS BUSINESS JOURNAL. Castellini and the Williams brothers expect MLB to approve the deal by the end of the year, but the league “will require them to sell their interest in the Cardinals before they can buy the Reds.” While the Cardinals “never have disclosed their ownership distribution,” Castellini is believed to have bought about 10% of the team after DeWitt’s group purchased the Cardinals from Anheuser-Busch for $150M in ’96. The Williams brothers are thought to own about 3% of the team. DeWitt’s group reportedly paid $60M of their own cash for the purchase, which would make Castellini’s initial investment about $6M and the Williams brothers’ about $2M. Forbes this year valued the franchise at $370M. The Cardinals will be left with 15 owners after Castellini and the Williams brothers leave the team (ST. LOUIS BUSINESS JOURNAL, 11/21 issue).

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