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A LITTLE HEINZ ON YOUR MELLON?
Published February 23, 1995
Carnegie Mellon University's current $2M ownership stake in the Pirates is supported by funds from the Heinz Co. and the Richard King Mellon Foundation, according to the current issue of the PITTSBURGH BUSINESS TIMES. According to Heinz spokesperson Debbie Foster, the company's anonimous role is due to the fact the corporation "is not interested in establishing a high profile as a team owner or as a participant in current negotiations to sell the Pirates." However, both Heinz and Mellon "may want to retain ownership stakes in the Pirates if the team is sold." Foster added that Heinz also did not "want to create a perception that it was straying from its main business." Foster: "We're not trying to diversify into sports marketing" (Suzanne Elliott, PITTSBURGH BUSINESS TIMES, 2/26 issue). RIGAS-MORTIS? Adelphia Communications Chair John Rigas, the "would-be-owner" of the Pirates, is "still confident" he will finalize a deal for the team in the face of recent competition. Rigas, who has said he would be willing to add partners to his group to increase his offer: "I'd rather have an exclusive. But the owners are doing what they think best." Rigas says his bid has climbed to $112.15M for the team, including repayment of a $20M loan taken out by the owners to Pittsburgh's Urban Redevelopment Authority and $7M in interest. Rigas: "We're very close. Each and every week, something positive happens and we're not discouraged" (PITTSBURGH BUSINESS TIMES, 2/26 issue).