Friday, August 08, 2003

From local dispatches

Block Communications Inc., owner of the Pittsburgh Post-Gazette, yesterday said it has sold its partnership interest in the Pittsburgh Pirates to the partnership that owns the team. Terms were not disclosed.

"We invested in the Pirates at a critical time to demonstrate our commitment to the community and its vital institutions," said William Block Jr., chairman of Block Communications. "We accomplished our mission in keeping the Pirates in Pittsburgh. The time has come to withdraw from ownership."

The Pittsburgh Baseball Partnership was formed in 1995 under the leadership of general partner Kevin McClatchy to acquire the Pirates. The group paid $90 million for the club, which was in jeopardy of leaving Pittsburgh after a previous deal to sell the team to another local investor fell through.

Block said the sale of the company's interest to the partnership was structured in a such a way that Block Communications did not make a profit on its investment. "Our sole intent was to preserve the Pirates as a Pittsburgh institution. We're proud of the role we played. And proud to leave the team in good hands."

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