CINCINNATI -- The Reds approved the sale of a minority interest in the ballclub to Frank Cohen, it was announced on Tuesday. The transaction, which was finalized on Friday, sold the shares belonging to the Louise Dieterle Nippert Trust.
Louise and Louis Nippert began their 46-year ownership interest in the Reds when they bought in as part of an investors group in 1966. The Nipperts held a majority interest from 1973-81, and Ms. Nippert kept a minority interest from 1981 until her death in 2012.
Cohen is a senior managing director for The Blackstone Group, an investment advisory firm based in New York. However, he is a fourth-generation Cincinnatian and a 1991 graduate of Seven Hills High School.
Mark Sheldon is a reporter for MLB.com. Read his blog, Mark My Word, and follow him on Twitter @m_sheldon. This story was not subject to the approval of Major League Baseball or its clubs.