Cubs' Ownership Sales Support Wrigley Renovations Sources: Rays' Frankel Bidding On Hawks Wizards' Season Tickets Going Up In Cost Padres Ownership Excited Fans Are Re-Energized Liberty Media Has No Plans Of Selling Braves Warriors' Lacob In It For The Long Haul Steinbrenner Refutes Claims Of Yanks Being Cheap Browns Unveil New Logos Garnett's Return To T'Wolves Sparks Sales Franchise Notes
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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).