McClatchy sells his last share of Pirates
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Kevin McClatchy
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Kevin McClatchy, the Pirates' controlling owner from 1996 to 2007, has cut his ties with the franchise by selling his minority share of ownership.
That share, less than 5 percent, was purchased by the current controlling owner, Bob Nutting, who added to a majority stake that now is more than 60 percent. No financial details were divulged when the Pirates announced the sale yesterday, but the franchise's value was estimated at $292 million by Forbes Magazine in April of last year, and 5 percent of that would be roughly $15 million.
That is close to the same amount Mr. McClatchy paid as his portion of the $90 million price when his consortium bought the Pirates in 1996 -- his share has been estimated at $15 million to $20 million -- but a source yesterday confirmed that Mr. McClatchy quietly has sold other shares in the past year and a half.
Mr. McClatchy was traveling and unavailable for comment yesterday. He issued a statement through the Pirates that did little to explain his reason for selling.
"This was a personal decision that I felt was best to make at this time," he said. "I care deeply about this organization, the city of Pittsburgh and the people of this region. While I will no longer play a role with the club, I will always passionately support the team in any way that I can. I have a great amount of faith in Bob and his new leadership team. They are committed to restoring the organization to its rightful place among the elite franchises in Major League Baseball."
"While this move will mark the end of Kevin's direct involvement with the Pirates after more than 13 years, he will always remain a part of the Pirates family," Mr. Nutting said. "He has made a lasting positive impact on the Pirates and our city."
First Published January 8, 2009 12:00 am
