The Cincinnati Reds are one of the oldest and most storied franchises in Major League Baseball. Originally founded in 1869 as the first professional baseball team, the Reds are the first pro sports team to reach 10,000 wins. They play in the National League Central division and call the great American ballpark in Cincinnati, Ohio home.
The Reds have a long and rich history, with 5 World Series titles and 9 National League Pennants. Greats like Pete Rose, Johnny Bench, Joe Morgan, and Barry Larkin have all worn the Reds uniform over the years. However, the team has struggled in recent seasons, missing the playoffs every year since 2013. This losing streak, along with the small market size of Cincinnati, has led some to speculate whether the team may be put up for sale.
Ownership History
The Reds have had relatively stable ownership over their 150+ year history. The team was originally founded by a Cincinnati attorney named Aaron Champion. Ownership transferred a few times in the late 1800s before August Herrmann, a prominent Cincinnati businessman, bought the team in 1902. Herrmann owned the Reds until his death in 1927 when his estate sold the team to Powel Crosley Jr.
Crosley owned the team for over 20 years until his death in 1961. His estate then sold the team to a group of local Cincinnati businessmen in 1962 who owned the team until 1984. In 1984, Marge Schott purchased a controlling interest in the team that she retained until her death in 2004.
Following Schott’s death, the Reds were sold to a group led by Carl Lindner III. That ownership group, known as the Castellini Group, still owns the team today with Bob Castellini serving as CEO and controlling partner.
Recent Losing Seasons
After a successful run from 2010-2013 that saw three playoff appearances and two division titles, the Reds have struggled mightily in recent seasons. They have finished with a losing record every year since 2014:
Year | Record | Finish |
---|---|---|
2014 | 76-86 | 4th in NL Central |
2015 | 64-98 | 5th in NL Central |
2016 | 68-94 | 5th in NL Central |
2017 | 68-94 | 5th in NL Central |
2018 | 67-95 | 5th in NL Central |
2019 | 75-87 | 4th in NL Central |
2020 | 31-29 | 4th in NL Central |
2021 | 83-79 | 3rd in NL Central |
2022 | 62-100 | 4th in NL Central |
As the table shows, the Reds have not had a winning record since 2013 and have not made the playoffs in almost a decade. These poor on-field results, especially recently, have led to speculation about potential ownership changes.
Would the Reds Consider Selling?
Given the Reds’ recent struggles and history of stable ownership, it begs the question – would the current Castellini ownership group consider selling the team?
There are a few factors that suggest a sale is possible:
- The Reds play in one of the smallest markets in MLB which limits revenue opportunities. Cincinnati is the 29th largest media market among the 30 MLB teams.
- The team’s local TV deal with Fox Sports Ohio pays them only around $20 million per year, one of the lowest in baseball.
- Game attendance has declined as the team has struggled. The Reds ranked 29th in MLB in average attendance in 2022 at 15,437 fans per game.
- The Castellini ownership group is reportedly carrying significant debt related to the acquisition and financing of the team.
At the same time, there are reasons why the Reds would be unlikely to sell:
- Despite recent losing seasons, the team remains profitable due to baseball’s shared revenue system.
- The Castellini family has deep ties to Cincinnati and has shown no inclination to sell since acquiring the team in 2005.
- As an original MLB franchise, the team has high franchise value. Forbes estimates the Reds are worth $1.1 billion as of 2022.
- The Reds got a boost in recent years from the development of stars like Joey Votto, Eugenio Suarez, and Luis Castillo.
Potential Buyers?
If the Reds were to be put up for sale, there would likely be multiple interested buyers despite the small market challenges of owning the team. Here are some of the potential buyers who could emerge:
- Local business groups or individuals: The Reds limited market makes it unlikely a big corporation would buy the team. But a consortium of local Cincinnati business leaders and/or ultra-high net worth individuals could emerge.
- Investor groups: Sports team valuations continue to skyrocket. Private equity firms, hedge funds, or investment groups could buy the Reds as an asset.
- MLB owners: Current MLB owners have the financial means and have established track records of buying additional franchises. Mark Attanasio (Milwaukee Brewers) or the Dolan family (Cleveland Guardians) could be fits.
While any sale would require approval by the MLB owners, the league would likely allow the Reds to change hands. The large Cincinnati market is key to MLB’s national footprint.
The Future in Cincinnati
In the end, despite fan frustration with recent losing seasons, a sale or ownership change seems unlikely in the near future. The Castellini group has made constant reassurances that the team is not for sale. And the group has shown a willingness to invest in the on-field product, like spending over $100 million in free agency last offseason.
While a sale can’t be completely ruled out, the Reds seem poised to stay under continuous Castellini ownership and focus on rebuilding the once-proud franchise. The expansion of legalized sports gambling provides new revenue opportunities. Trading away stars at recent deadlines and developing young prospects points towards a long-term strategy.
The 2022 season represented rock bottom. But with smart moves and good health, the Reds have the pieces and potential to once again compete in one of baseball’s toughest divisions sooner than later. That should keep Castellini and current ownership committed to turning things around and bringing winning baseball back to Cincinnati.
Conclusion
The Cincinnati Reds are one of baseball’s most historic franchises, but have fallen on hard times recently with nine straight losing seasons. This downturn, coupled with one of MLB’s smallest markets, has led to some speculation that the current ownership group could look to sell the team.
However, ownership has given no indication they plan to sell. The Castellini group still seems committed to bringing sustained success back to Cincinnati. While a sale can’t be completely ruled out down the road if the losing continues, the Reds appear poised to stay under continuous family ownership for the foreseeable future.
With the right moves and some better luck, the Reds have the potential and pieces to build another winner. Their loyal fanbase surely hopes this storied franchise can recapture former glory days sooner rather than later.