Lafley says he's buying a 'micro share' of franchise

Updated: January 27, 2006, 2:11 PM ET
Associated Press

CINCINNATI -- Procter & Gamble Co.'s top executive is buying a tiny share of the Cincinnati Reds.

"I'm a baseball fan, and a longtime Cincinnati Reds fans," A.G. Lafley wrote in an e-mail.

Lafley -- chairman, president and chief executive of the consumer products company -- is buying what he called a "micro share" of one of the new ownership units in Cincinnati Reds LLC.

Cincinnati businessmen Bob Castellini, who leads a group that just finished buying 75 percent of the team, said last week that small units were being sold to investors around the region. Their names would not be announced until mid-February, once they are approved by Major League Baseball.

"Some of the people on the list may not want their names out yet," Castellini said Thursday.

Former radio executive Bobby Lawrence has said he will own a small share, and Ed Rigaud, former president of the National Underground Railroad Freedom Center, said this week that he was trying to put together a group of minorities to buy a unit.

The units are believed to be priced at $6.5 million each and represent about 4 percent of the team.

Carl Lindner, who sold his controlling share to the Castellini group, and his family will retain two units, as will holdover owner Bill Reik. George Strike and Louise Nippert will each keep one unit.

It's still uncertain how much of the team Castellini will own.


Copyright 2006 by The Associated Press