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MCCLATCHY MEETS PIRATES DEADLINE; MLB TO STUDY BID
Published November 1, 1995
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).