Bill Giles, whose late father Warren Giles ran the Cincinnati Reds before presiding over the National League, evidently has pulled off purchase of the Philadelphia Phillies by ringing in Cincinnati's Taft Broadcasting Co. as chief investor in a $25-$30 million deal.

Barring any hitch, announcement impends of Ruly Carpenter's sale of the 1980 champions to a group headed by Giles, Phillies' executive vice president now set to be president/chief operating officer, and also including 76ers ex-owner Fitz Dixon. Taft must grit its teeth through 1983 as WPHL-TV-17, competitor to its WTAF-TV-29 in Philadelphia, completes a contract as Phils' telecaster -- and presumably must relinquish its part ownership of the Reds . . .

Maryland's Albert King signed with the NBA Nets yesterday, pay estimate watered down from $250,000 for each of four years to about $235,000 in view of the just-healed knee forcing him toward beginning the Meadowlands Arena era on injured reserve. As Coach Larry Brown said, "We've got to get him physically ready to play, where he can get yelled at like all the other kids on our team" . . . More NBA: Howard's Larry Spriggs the very last cut by Houston . . .

Been wondering about Cavalier Coach Dick Bestwick, 0-7 in second year of a five-year contract, 15-46-1 overall at Charlottesville and beset by "Dump Dick" bumper stickers? Dick Schultz, the new athletic director, has been wondering too. Muses Schultz:

"The answer is not (in) continually changing coaches . . . You see changes made a lot of times and the guy ends up very good someplace else. But there sometimes gets to be a point . . . when you lose your effectiveness and your ability to develop confidence with the people and . . . to put together the dollars that are necessary. . . you're going to see new (coaches), because you've got to do something that gives people new hope to do it . . . "

Two distressing turns of events hit the capital baseball scene as FanFare broke for summer vacation: death of Mike Vlahos and heart attack to Edsel Martz. Now here's the Home Plate Club -- Red Fahey, Maury Brumm, Leo Marcopulos (check him in Annandale about tickets) and all -- vowing to carry on the work of its guiding light, Vlahos, and memorialize him at 31st annual awards banquet Friday, 6:30, Touchdown Club. And here's Martz not only recovered, but ending his hiatus from baseball to return (he promises) with an Industrial League team in '82 "and also my everyday, year-around clinics."

The program by the Home Platers, who operate the Clark Griffith League, includes Sandlot Hall of Fame induction for coaches Marshall Jacobs, O'Connell High; Herb Rutledge, Wheaton American Legion, and John Jankowski, Crossland High, plus Dr. Thomas Johnson, Washington Black Sox player become head of Howard U. medical department.

The M-NCPPC sends off seven Prince George's County amateur boxers, age 13-22, and the PG women's all-star fast-pitch softball team to Jamaica for competition at Montego Bay this weekend. S.R. Leonard will cover the boxers' expenses . . . At St. John's High, 1-4:30 Saturday, De Matha and St. John's coaches and teams, and Bill Sheahan's Mount St. Mary's women give a free basketball clinic for boys and girls teams.

Colts go bananas! Pointing for sticky Miami on Sunday, Baltimore's strength coach is feeding bunches of 'em for extra potassium. Win-hungry Colts easily recall last year in Florida: Colts ate bananas, came on with 20 second-half points, beat Dolphins, 30-17 . . .

A. Last W.S. theft of home: on double steal, Tim McCarver, St. Louis, 1964 Game 7 . . . Q. Next fight for Gerry Cooney?