CINCINNATI (AP) — The Reds have approved the sale of minority share in the team to a senior managing director for The Blackstone Group based in New York City.

The sale involves a share in the team owned by Louise and Louis Nippert, who had majority interest in the team from 1973-81. Mrs. Nippert retained a minority share in the team until her death in 2012. The share was sold by the family’s trust.

Frank Cohen bought the share. He grew up in Cincinnati and went to Northwestern University. Cohen also is a director for EOP, CarrAmerica, TRZ Holdings and Blackstone’s industrial venture affiliate.

Bob Castellini is the majority owner of the National League team.

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