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CLEVELAND INVESTOR JUMPS INTO PIRATES BIDDING WITH OFFER
Published February 10, 1995
Jeff Moffie, a Cleveland investment manager, announced he has made a cash bid of $85-100M for the Pirates. The team has been negotiating with Adelphia Communications Chair John Rigas, but talks have slowed over Rigas' ability and willingness to absorb the team's potential debts. Rigas has offered $85.15M. Moffie made his bid to the team's investment banker, Wertheim Schroeder. Moffie is CEO of Cambridge Investment Group (PHILADELPHIA INQUIRER, 2/10).