Pirates Owner Kevin McClatchy has refunded a $5M investment
to Pittsburgh businessman Frank Fuhrer, who "demanded" in August
that his money be returned, according to Steve Halvonik of the
PITTSBURGH POST-GAZETTE. McClatchy said he raised the money with
the assistance of current club investors Bill Allen and G. Ogen
Nutting, as well as with help from Thomas Johnson -- who had
owned a small stake of the team when the Galbreath family owned a
majority stake in the Pirates. McClatchy: "If anything, this
ordeal has helped unify the existing ownership group. ... What's
important to understand is there was a clear understanding that
Frank's investment was a bridge gap so the Pirates would stay in
Pittsburgh." Fuhrer: "I was very happy to do that. Now that
that has been accomplished, I'm twice as happy to be out."
Pirates investor Kenneth Pollock has also has requested his $5M
investment be returned. However, Halvonik reports McClatchy has
until February to return that share. McClatchy added he and
other investors plan to replace Fuhrer and Pollock's money but
they have "sufficient capital" to operate the team until it moves
into a proposed new ballpark by 2001 (PITTSBURGH POST-GAZETTE,
9/25).
