Nippert Trust Stake In Reds Up For Sale, Could Fetch $40M After MLB Rule Forces Move
The Louise Dieterle Nippert Trust stake in the Reds, which has been in the Nippert family for nearly 50 years, "is up for sale and could go" for $40M, according to Steve Watkins of the CINCINNATI BUSINESS COURIER. Sources said that the trust "is actively trying to sell its ownership unit." The trust hired L.A.-based Park Lane, which "is just now starting to market the share and aggressively seek buyers." The trust is selling the stake in the Reds because of an MLB policy that "prohibits charities from owning teams." The Nippert Trust "is set up [as] such that it has to distribute all of its assets, which at one time totaled well more than $100 million, to charity." It "can’t distribute the Reds ownership to charity." A partnership unit "is estimated to represent" a 5% stake in the team (BIZJOURNALS.com, 6/24).