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PIRATES MIGHT WAIT FOR A BETTER OFFER; RIGAS' BID UNLIKELY
Published April 26, 1995
The owners of the Pirates are "laying plans for possibly keeping the team for another season" instead of accepting a $85.15M offer from cable-magnate John Rigas, according to this morning's PITTSBURGH POST-GAZETTE. The ten partners that own the club reportedly will meet before today's season opener to discuss their options. Steve Halvonik & Steve Massey write that for the current owners, "a leading possibility is keeping the team and seeking about $7 million in lease concessions from the city." The group is not scheduled to vote on Rigas' offer. Rigas, the top choice of Pittsburgh Mayor Tom Murphy to buy the team, has refused to increase his offer, and "it appears increasingly unlikely" that he "will ever get the team." Halvonik & Massey report that the Pirates ownwership team hopes the team's value will increase with a new labor agreement and a possible new stadium. If both should occur, "the Pirates' value could appreciate to well over $100 million," and the owners could sell the team "at what they believe is a fair profit." A bid from Orlando developer Norton Herrick is also expected to be discussed, but PNC Bank Corp. Chair Thomas O'Brien, who represents his company's interest in the team, says he believes the team will stay in Pittsburgh and PNC "will do everything in our power" to ensure that that is the case (PITTSBURGH POST- GAZETTE, 4/26).