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PIRATES HIRE INVESTMENT FIRM TO PUSH THROUGH SALE
Published January 19, 1995
The Pirates have hired an investment banking firm to sell the team. According to the AP, the team has grown "impatient with the lack of a firm offer" from prospective buyer and Adelphia Communications Owner John Rigas. The firm of Wertheim Schroeder has been hired to handle the sale (AP/USA TODAY, 1/19). The firm, which recently negotiated the sale of the Padres, will conduct all aspects of the sale, including future talks with the Rigas family. Under terms of a previous agreement, if Rigas does not complete the sale by January 29, the Pirates ownership group can sell the team to another buyer, including out of town interests. Pirates Chair Vincent Sarni: "Despite repeated request of the Rigas by current ownership, no proposal has been made to date." Rigas has not yet received approval by MLB to begin negotiating with the team, although he was authorized to submit a proposal. Rigas has made an informal offer of $80M, including $60M in debt assumption. Sarni: "The Rigas family has suggested some elements of a proposal, but those elements are quite incomplete" (Pirates).