Bruins, Celtics Headed In Opposite Directions How Key NBA Storylines Played Out This Year NBA Franchise Notes Mariners Financials Strong Despite Play Taxpayers To Pay For AHL Team Departure Franchise Notes Trump Declares Interest In Buying Bills Shanahan Officially On As Leafs President Communication Gap With Caps GM, Agents? Steve Koonin Named Hawks CEO
Upcoming Conferences and Events
RIGAS AND PIRATES CLOSE TO A DEAL
Published February 7, 1995
The Pirates and Adelphia Communications Corp. Chair John Rigas have "basically agreed on financial terms" for a deal, but the sides have not agreed on who will pay the team's bills this season. Team owners are "generally agreeable" to Rigas' $85.15M offer, but the team anticipates $13M-$15M in losses this season, and owners want Rigas to pay for "debts incurred while they wait for major-league owners to ratify the sale, a move that could take 4-8 months." Rigas has agreed to "assume" $60M of the current owners' debt and $27M owed to the city's Urban Redevelopment Authority, but he is "hesitant" to take on more of the team's liability (PHILADELPHIA INQUIRER, 2/7).