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NEW FACES, SAME STORY: PIRATES HAVE PROBLEM WITH BUYER
Published June 30, 1995
Liberty Media's offer of $30M in cash to a new group seeking the Pirates could end up hurting the group's effort. Liberty, parent of PrimeSports KBL, is not seeking an equity stake in the team, but rather would count the funds as an advance towards securing the team's broadcast rights. MLB owners are said to be opposed to more teams being bought by "media conglomerates," and they also view pre-selling of broadcast rights as debt, not equity. The new group is led by CA newspaper heir Kevin McClatchy. Pittsburgh Mayor Tom Murphy still wants to "salvage" the bid of John Rigas, which is "in limbo because it doesn't contain enough cash to service a heavy debt load" (PITTSBURGH POST-GAZETTE, 6/30).