BASEBALL DAILY REPORT : AROUND THE MAJORS : City Gives Pirates $8 Million Loan
The Pittsburgh City Council reluctantly tossed an $8 million rescue line to the Pittsburgh Pirates by approving a loan designed to keep the team afloat and in Pittsburgh.
In 1985, the council approved a $20 million loan to the team. The money hasn’t yet been repaid.
The team, losing as much as $1 million a month, owes a $5.4 million interest payment to Citibank in August. It has nearly exhausted a $34 million line of credit with the bank.
Pirate president Mark Sauer had said that if the team didn’t get the bailout, a new Three Rivers Stadium lease and a salary cap, the Pirates could be sold, possibly to out-of-town buyers who would relocate the 107-year-old franchise.
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Seattle left-hander Greg Hibbard is expected to miss the rest of the season with a partially torn rotator cuff. . . . The New York Yankees put infielder Mike Gallego and catcher Bob Melvin on the 15-day disabled list and replaced them on the roster with Kevin Elster and Matt Nokes. . . . Atlanta third baseman Terry Pendleton, bothered by a lower back strain, was placed on the 15-day disabled list, retroactive to June 22.
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