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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).