Carnegie Mellon University's current $2M ownership stake in
the Pirates is supported by funds from the Heinz Co. and the
Richard King Mellon Foundation, according to the current issue of
the PITTSBURGH BUSINESS TIMES. According to Heinz spokesperson
Debbie Foster, the company's anonimous role is due to the fact
the corporation "is not interested in establishing a high profile
as a team owner or as a participant in current negotiations to
sell the Pirates." However, both Heinz and Mellon "may want to
retain ownership stakes in the Pirates if the team is sold."
Foster added that Heinz also did not "want to create a perception
that it was straying from its main business." Foster: "We're not
trying to diversify into sports marketing" (Suzanne Elliott,
PITTSBURGH BUSINESS TIMES, 2/26 issue).
RIGAS-MORTIS? Adelphia Communications Chair John Rigas, the
"would-be-owner" of the Pirates, is "still confident" he will
finalize a deal for the team in the face of recent competition.
Rigas, who has said he would be willing to add partners to his
group to increase his offer: "I'd rather have an exclusive. But
the owners are doing what they think best." Rigas says his bid
has climbed to $112.15M for the team, including repayment of a
$20M loan taken out by the owners to Pittsburgh's Urban
Redevelopment Authority and $7M in interest. Rigas: "We're very
close. Each and every week, something positive happens and we're
not discouraged" (PITTSBURGH BUSINESS TIMES, 2/26 issue).
