PITTSBURGH (AP) — Team president Frank Coonelly says the Pittsburgh Pirates’ debt — $120 million as of a year ago — is manageable and the franchise is in far better financial shape than it was a few seasons ago.
According to team financial statements obtained by The Associated Press, the Pirates owed Major League Baseball’s credit facility $59 million a year ago and almost $63 million for the 2008 fiscal year. The club also owed $61 million after the club borrowed an additional $21 million.
Total credit available to the Pirates through the MLB facility was nearly $63 million, meaning the Pirates were close to reaching that limit. The bank loans had a maximum ceiling of $70 million, but it could be raised to $100 million if the club met certain conditions.
