SBD/1/Franchises

MCCLATCHY MEETS PIRATES DEADLINE; MLB TO STUDY BID

     Kevin McClatchy submitted financial documents to MLB owners
and the Pirates yesterday, meeting a deadline imposed by the
team's ownership to prove "he had the financial resources to buy
the team."  MLB officials have a 7-10 day timeframe to study the
bid more closely, perhaps to take a closer look at the city's
plan to build a new ballpark.  McClatchy's group includes at
least 13 investors, and one additional $5M general partner.  He
has reportedly raised at least $45M in cash and has a $50M bank
line of credit (Steve Halvonik, PITTSBURGH POST-GAZETTE, 11/1).
Despite pressures from MLB, Pittsburgh Mayor Tom Murphy said the
city would not "accelerate" plans for a new ballpark.  The city
is sticking to a plan that would allow McClatchy to sell the team
if financing is not in place for a new stadium in four years, and
substantial construction progress is not made in five.  MLB has
indicated they would like to see financing in place in two years
and construction completed in four (Halvonik & Belko, PITTSBURGH
POST-GAZETTE, 10/31).
Return to top

Related Topics:

Franchises, MLB, Pittsburgh Pirates

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug