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PIRATES WILL OPEN UP BIDDING; MCCLATCHY STILL WANTS BUCS
Published October 6, 1995
Kevin McClatchy failed to give Pirates owners a $1M deposit for exclusive negotiating rights by yesterday's deadline, thereby opening the bidding process for the club. Pirates ownership said last night they would continue to negotiate with McClatchy but have instructed their investment banker to begin talks with other buyers who would keep the team in Pittsburgh. A team official told the PITTSBURGH POST-GAZETTE there were "at least two new buyers" who would agrre to that (Steve Halvonik, PITTSBURGH POST- GAZETTE, 10/6). The announcement comes just one day after McClatchy's bid for the club was given preliminary approval by MLB officials and "widely hailed" in Pittsburgh. The move by the team "could be a tactic to push the newspaper heir into completing the deal" (AP/WASHINGTON POST, 10/6). Although league officials gave McClatchy the "green light" to continue his efforts, the POST-GAZETTE's Halvonik reported yesterday that they "expressed several concerns," including: the $5M investment by Liberty Sports' KBL; McClatchy's ability to cover future losses; and the city's willingness to build a new stadium for the team. McClatchy is in the process of "scrambling" to line up more investors in an effort to raise closer to $50M in cash rather than the $40M the team had suggested in order to satisfy the league (PITTSBURGH POST-GAZETTE, 10/5).