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PENS OWNER BALDWIN INTERESTED IN PIRATES AGAIN
Published February 21, 1995
Robert Caporale, an attorney for Penguins owner Howard Baldwin, met with the Pirates' investment bank Thursday, representing Baldwin as one of four prospective buyers of the club. The other three groups, who also met with Wertheim Schroder were not identified. Caporale said the talks were "general in nature," and did not deal with team finances. Last year, the Pirates owners rejected a $83M bid for the team from Baldwin, citing a belief that he did not have enough cash to own and operate the team. Jeff Moffie, a Cleveland investment manager who last week withdrew a reportedly $90M offer for the team, was not invited to the meetings. Wertheim Schroder CEO James Harmon says the $85.15M bid from Adelphia Communications Chair John Rigas "remained very much alive." Harmon added that even if Rigas fails to buy the team, he believes the Pirates will stay in Pittsburgh: "That might change, but I think (the chance of the team moving) has been exaggerated by the media" (Steve Halvonik, PITTSBURGH POST-GAZETTE, 2/17). Steelers President Dan Rooney said his family would consider buying the Pirates again if it meant "only as a last resort" to keep them from moving (AP/ROCKY MOUNTAIN NEWS, 2/19).