SBD/30/Franchises

PIRATES SALE IN LIMBO RIGAS' LATEST BID REJECTED ON DEADLINE

     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).
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