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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).