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THREE OF PIRATES' CURRENT OWNERS LOOK TO STAY ON BOARD
Published February 15, 1995
"Just what do the mighty corporate owners of the Pirates want?," asks Suzanne Elliot in the PITTSBURGH BUSINESS TIMES. They have a "qualified buyer" in Adelphia Communications Chair John Rigas, but with the Rigas sale still pending, three current owners "want to retain their stake" in the team. Businessman Eugene Litman, Carnegie Mellon University and PNC Bank Corp. are all willing to be a part of any ownership group that Rigas puts together. The three current owners would strengthen Rigas' bid and reduce the amount of cash he would need to buy the team. In discussing the potential losses of the current ownership group (six companies, a university and three private investors), Elliot writes that Pirate ownership "wants their money back -- with interest. It doesn't seem to matter if their corporate images are tarnished in their hometown." (PITTSBURGH BUSINESS TIMES, 2/19 issue).