What Could $6.5 Million Buy A former P&G VP? How About A Piece Of The Cincinnati Reds

By Gregory Moore
Updated: January 30, 2006

Ed Rigaud, a former VP at Procter & Gamble , is in the process of putting together a consortium of minority businessmen who will own 4%  of the Cincinnati Reds. If successful, this will be the first time in Major League Baseball's history that African Americans own any piece of a MLB franchise.

Ed Rigaud, a former VP at Procter & Gamble , is in the process of putting together a consortium of minority businessmen who will own 4% of the Cincinnati Reds. If successful, this will be the first time in Major League Baseball's history that African Americans own any piece of a MLB franchise.

SAN ANTONIO — If I had $6.5 million to just throw around these days, what would I buy? Property in Martha’s Vineyard? How about a ranch somewhere in West Texas where the heads of cattle could net me a cool $1 million per year in beef sales. How about a smallish apartment on Park Avenue in New York City. Yet as I dream about what I might do with $6.5 million, I look at what Ed Rigaud may be able to do and I just admire the opportunity. Rigaud could be the first African American to own a piece of the Cincinnati Reds and how historic could that be? About as historic as Rigaud getting the National Underground Railroad Freedom Center off the dream pages of drawings and into reality.

It’s been a long time since I’ve been back to my ‘second’ home in my lifespan. Cincinnati is where I grew up as a young man. It’s where I graduated from high school, attended college and learned some of the very formulations about hard work, achieving success and understanding some of life’s hard lessons as a young man in a town that traditionally did not really accept the success of blacks all that well. Even though this city has had several African American mayors, it wasn’t too long ago that Oscar Robertson was denied the chance to buy a home in the prestigious Indian Hills subdivision. It hasn’t been too far removed from my minds the episode in which a white fraternity decided to play a cruel, insensitive joke on a Black fraternity’s front lawn with a ‘porch monkey’. And let us not forget the various stages of unrest due to the police force’s action against Blacks, whether justified or not in nature. But to be able to own a piece of the Queen City’s history as a Black man? Yes this is indeed a horse of a different color.

This horse of a different color comes in lieu of what Rigaud did prior to being the president of the freedom center and why he is in a position to make such a purchase. Despite all of the negativity that I just spoke of, Blacks are indeed very upwardly mobile in that city and Rigaud is living proof. Prior to being on loan to the freedom center, Rigaud was Vice President of Governmental Affairs for Procter and Gamble. His former boss, A.G. Lafley, who is the current CEO of P&G, will buy a small piece of the team as well.

What Rigaud is in the process of doing is putting together a small group of minority businessmen, mainly African American, to come up with their share of $6.5 million to buy four percent of the Reds. If anyone is questioning Rigaud’s track record, maybe they should look at what the freedom commission is all about. Rigaud has managed to get a dream off of a piece of paper and into a $110 million realization that is thriving.

If you are wondering why this deal is so certain, it’s because Major League Baseball is endorsing this deal and has been endorsing this plan for some time.

“Baseball has strived for years to get minorities involved in the sport, and MLB requires that clubs interview minorities for major job openings.

“Across the board, we’ve encouraged this,” MLB spokesman Patrick Courtney said.

Minority ownership in baseball has long been a ‘pipe’ dream and with the failure of bank financier Watkins’ attempt at purchasing the Minnesota Twins, any type of minority ownership was thought to long be dead. However if Rigaud, who has put his own money to get this process started, is successful in the Queen City, then other opportunities in sports ownership will surely open up for black investors.

Mobley’s theft reeks of an inside job. News reports came across this desk Monday morning that Los Angeles Clippers guard Cuttino Mobley’s Bel Aire house was broken into and $500,000 in cash and jewelry was stolen. Very little, if any, details were given in the Associated Press story that was all of four lines on various news wire services.

Thomas J. Stanley is the author of such books like The Millionaire Next Door and The Millionaire Mind. Fortunate for me, my father has been able to have me read these books and to keep them as my personal copies in my own library. I think that everyone should read these books and more because it will set some very dangerous mindsets free from the stereotypes that plague our society. In Mobley’s case, if he had read Stanley’s books, he would have seen that true millionaires DO NOT keep that kind of cash in their homes.

For some enigmatic reason, African American pro athletes think that by flaunting their wealth, it proves that they are successful. That is the farthest thing from the truth as Stanley’s books will tell you. Instead of these athletes investing their millions into financial engines that will perpetuate their wealth in ways they will never dream of. Things such as becoming successful businessmen off the court, investors into technologies that will be around long after they are gone and other financial models are something that many of these athletes do not simply believe in; even at Mobley’s age.

It’s sad that probably the ‘wealthiest’ populous by terms of spending have the worse money saving habits. Whether Mobley and others want to believe it or not, flaunting your wealth will get you took by the worse kind of thief; your friends.

It may seem very far-fetched but I think Mobley’s theft of his property was an inside job. Professional thieves are not going to just hit one Bel Aire home. Mobley’s house was hit because somebody in his posse decided to hit him up and take the goods.

If Mobley were a smart man, he would ditch his friends and loose the bling status. Sometimes being ‘plain’ is very safe in life; especially if you have friends who will literally steal you blind while you are at work.

Gregory Moore is the Managing Editor of the San Antonio Informer, a weekly African American newspaper located in San Antonio, Texas and is an NBA analyst for Fox Sports Radio where he can be heard on the national and affiliate programming. Gregory has also appeared on Sporting News Radio, ESPN’s “Outside the Lines Nightly”, “Hot List” and “4 Quarters” programming as well as appearing on local sports talk radio programming in the Atlanta, Hollywood, Florida and Highpoint, North Carolina markets on a weekly basis.

What Could $6.5 Million Buy A former P&G VP? How About A Piece Of The Reds If I had $6.5 million to just throw around these days, what would I buy? Property in Martha’s Vineyard? How about a ranch somewhere in West Texas where the heads of cattle could net me a cool $1 million per year in beef sales. How about a smallish apartment on Park Avenue in New York City. Yet as I dream about what I might do with $6.5 million, I look at what Ed Rigaud may be able to do and I just admire the opportunity. Rigaud could be the first African American to own a piece of the Cincinnati Reds and how historic could that be? About as historic as Rigaud getting the National Underground Railroad Freedom Center off the dream pages of drawings and into reality.

It’s been a long time since I’ve been back to my ‘second’ home in my lifespan. Cincinnati is where I grew up as a young man. It’s where I graduated from high school, attended college and learned some of the very formulations about hard work, achieving success and understanding some of life’s hard lessons as a young man in a town that traditionally did not really accept the success of blacks all that well. Even though this city has had several African American mayors, it wasn’t too long ago that Oscar Robertson was denied the chance to buy a home in the prestigious Indian Hills subdivision. It hasn’t been too far removed from my minds the episode in which a white fraternity decided to play a cruel, insensitive joke on a Black fraternity’s front lawn with a ‘porch monkey’. And let us not forget the various stages of unrest due to the police force’s action against Blacks, whether justified or not in nature. But to be able to own a piece of the Queen City’s history as a Black man? Yes this is indeed a horse of a different color.

This horse of a different color comes in lieu of what Rigaud did prior to being the president of the freedom center and why he is in a position to make such a purchase. Despite all of the negativity that I just spoke of, Blacks are indeed very upwardly mobile in that city and Rigaud is living proof. Prior to being on loan to the freedom center, Rigaud was Vice President of Governmental Affairs for Procter and Gamble. His former boss, A.G. Lafley, who is the current CEO of P&G, will buy a small piece of the team as well.

What Rigaud is in the process of doing is putting together a small group of minority businessmen, mainly African American, to come up with their share of $6.5 million to buy four percent of the Reds. If anyone is questioning Rigaud’s track record, maybe they should look at what the freedom commission is all about. Rigaud has managed to get a dream off of a piece of paper and into a $110 million realization that is thriving.

If you are wondering why this deal is so certain, it’s because Major League Baseball is endorsing this deal and has been endorsing this plan for some time.

“Baseball has strived for years to get minorities involved in the sport, and MLB requires that clubs interview minorities for major job openings.

“Across the board, we’ve encouraged this,” MLB spokesman Patrick Courtney said.

Minority ownership in baseball has long been a ‘pipe’ dream and with the failure of bank financier Watkins’ attempt at purchasing the Minnesota Twins, any type of minority ownership was thought to long be dead. However if Rigaud, who has put his own money to get this process started, is successful in the Queen City, then other opportunities in sports ownership will surely open up for black investors.

Mobley’s theft reeks of an inside job. News reports came across this desk Monday morning that Los Angeles Clippers guard Cuttino Mobley’s Bel Aire house was broken into and $500,000 in cash and jewelry was stolen. Very little, if any, details were given in the Associated Press story that was all of four lines on various news wire services.

Thomas J. Stanley is the author of such books like The Millionaire Next Door and The Millionaire Mind. Fortunate for me, my father has been able to have me read these books and to keep them as my personal copies in my own library. I think that everyone should read these books and more because it will set some very dangerous mindsets free from the stereotypes that plague our society. In Mobley’s case, if he had read Stanley’s books, he would have seen that true millionaires DO NOT keep that kind of cash in their homes.

For some enigmatic reason, African American pro athletes think that by flaunting their wealth, it proves that they are successful. That is the farthest thing from the truth as Stanley’s books will tell you. Instead of these athletes investing their millions into financial engines that will perpetuate their wealth in ways they will never dream of. Things such as becoming successful businessmen off the court, investors into technologies that will be around long after they are gone and other financial models are something that many of these athletes do not simply believe in; even at Mobley’s age.

It’s sad that probably the ‘wealthiest’ populous by terms of spending have the worse money saving habits. Whether Mobley and others want to believe it or not, flaunting your wealth will get you took by the worse kind of thief; your friends.

It may seem very far-fetched but I think Mobley’s theft of his property was an inside job. Professional thieves are not going to just hit one Bel Aire home. Mobley’s house was hit because somebody in his posse decided to hit him up and take the goods.

If Mobley were a smart man, he would ditch his friends and loose the bling status. Sometimes being ‘plain’ is very safe in life; especially if you have friends who will literally steal you blind while you are at work.