McClatchy Sells Remaining Shares In Pirates, Leaves Team's BOD

McClatchy Sells Remaining Shares In Pirates

The Pirates yesterday announced that the team's former CEO & Minority Owner Kevin McClatchy has sold his remaining shares in the team and stepped down from his position on the Pirates BOD. McClatchy's seat will not immediately be filled on the now five-person board. McClatchy: "This was a personal decision that I felt was best to make at this time" (Pirates). In Pittsburgh, Dejan Kovacevic notes the financial details of the sale of McClatchy's stake, which was "less than 5[%]," were not disclosed, but with Forbes estimating the Pirates' value at $292M in April, 5% of that would be roughly $15M. McClatchy is "credited by many inside and outside the organization for playing a key role in arranging the financing -- most of it public -- and construction of PNC Park" (PITTSBURGH POST-GAZETTE, 1/8). In Pittsburgh, Rob Biertempfel notes McClatchy's departure enables Pirates Owner Bob Nutting to "tighten his grip on the franchise." The Pirates BOD now consists of Nutting, Nutting-owned Ogden Newspapers President Bill Nutting, who is Bob Nutting’s brother, Ogden Newspapers CFO Duane Wittman and North Carolina businessman Don Beaver (Pittsburgh TRIBUNE-REVIEW, 1/8).