A's Reinvesting All Revenues Into Coliseum, Club Twins Owner Says Club Is Not For Sale Royals Will Not Exceed Current Payroll Sources: Penguins Getting $25M Investor Vikings Upset Over MLS Games At New Stadium Browns Make Case To Maintain Personnel Tigers Need To Reduce Payroll By $20M Sources: Chargers Expected To Move To L.A. In '17 Yanks Set To Benefit From New MLB CBA Losing Revenue Sharing Could Cut A's Payroll More
PIRATES SALE IN LIMBO RIGAS' LATEST BID REJECTED ON DEADLINE
Published January 30, 1995
Reports this morning out of Pittsburgh indicate that Pirate owners rejected Adelphia Communications Chair John Rigas' latest bid to purchase the team. Rigas had increased his initial offer to close to $90M. But the Pirates said Rigas proposed no "extra cash for the owners" instead offering stock in the team and a "pledge to try and find other investors who want to buy their stock." With both sides facing a deadline of Sunday night, negotiations increased over the weekend. Pirates owners said they would continue to talk to Rigas, made possible by a clause extanding the deadline by two months, but they would also ask their investment bank, Wertheim Schroeder of New York, to solicit other bids (PHILADELPHIA INQUIRER, 1/30).