Serving as managing general partner, president and CEO of Major League Baseball's Cincinnati Reds franchise from 1984 to 1999, she was the second woman to own a North American major-league team without inheriting it, after New York Mets founder Joan Whitney Payson.

She married Charles Schott, a member of a wealthy Cincinnati family, in 1952, and inherited his automobile dealerships and interests in other industries when he died of a heart attack in 1968.

On December 21, 1984, she purchased a controlling interest for a reported $11M, making her managing general partner, and becoming the first woman to buy an MLB team.

"[3] She also maintained one of the smallest and lowest paid front office staffs in the major leagues; it was said to turn the heat down and lights off to save electricity.

[citation needed] Lou Piniella, the champion manager of the team, left in 1992 after finding her not willing to back him in any way when he was sued by umpire Gary Darling for defamation (he had to get his own lawyer).

[7] On November 13, 1992, Charles "Cal" Levy, a former marketing director for the Reds, stated in a deposition for Tim Sabo, a former employee who was suing the team, that he'd heard Schott refer to then-Reds outfielders Eric Davis and Dave Parker as "million-dollar niggers.

Schott's countersuit alleged that Sabo wrote unauthorized checks to himself and paid health insurance premiums to retired front-office employees.

Levy, who is Jewish, alleged that Schott kept a Nazi swastika armband at her home and claims he overheard her say "sneaky goddamn Jews are all alike.

[9] On November 29, Schott said the "million-dollar niggers" comment was made in jest, but then stated that she felt that Adolf Hitler was initially good for Germany and did not understand how the epithet "Jap" could be offensive.

[10] During the same season, a former Oakland Athletics executive assistant, Sharon Jones, is quoted in The New York Times as having overheard Schott state: "I would never hire another nigger.

"[3] Later in the month, Schott was quoted in Sports Illustrated as speaking in a "cartoonish Japanese accent" while describing her meeting with the Prime Minister of Japan.

"[3] On September 21, 1989, professional wrestler Randy Savage (in his "Macho King" gimmick), was invited by Reds broadcaster Marty Brennaman to join him in the booth.

Prior to his wrestling career, Savage was a minor league baseball player who played for Tampa Tarpons (a Reds farm team).

He joined Brennaman during the third inning, in a 11–7 loss to the San Diego Padres, which garnered attention from players, umpires and fans in attendance.

Reds center fielder Eric Davis also criticised the decision to have Savage ejected from the game, saying: "Macho Man is a celebrity.

"[3] The rule was rescinded in 1999 (shortly before she relinquished control of the Reds) after a discussion between Schott and newly acquired outfielder Greg Vaughn.

[14] The Reds won the division and made it all the way to the National League Championship series, where they were swept by the eventual World Champion Atlanta Braves, and Johnson was still fired.

Shortly after the game started, home plate umpire John McSherry called a time out and motioned towards the Reds dugout, it was later presumed, for medical attention.

Schott reportedly offended major league umpires in general—and members of McSherry's crew in particular—by regifting a bouquet of flowers given to her, adding a sympathy note, and sending it to the funeral home.

[3] During the team's next homestand, Schott attempted to smooth over her feud with the umpires by apologizing to the crew—despite none of them having been in attendance at the game in question—only to have them refuse the gesture.

[19][20] On April 20, 1999, Schott agreed to sell her controlling interest in the Reds for $67 million to a group led by Cincinnati businessman Carl Lindner.

[23] She is recognized for her major donation to the Boy Scouts' Camp Friedlander that was used to create an 18-acre (7.3 ha) lake, christened 'Lake Marge Schott' in her honor.

Some reports claim she was hospitalized due to a cold, while others said she complained of knee ailments; regardless, during her stay she developed breathing problems and had to be put on life support.