Analysis

Nutting Opens the Books, But Will It Make a Difference?

Nutting Opens the Books, But Will It Make a Difference?

As detailed by Dejan Kovacevic in the Post-Gazette, the Pirates have opened their books as a pre-emptive strike, due to the leaking of team financial records to the Associated Press.  The audited reports released by the Pirates show slightly over $15M in profits in 2007, $14.4M in 2008, and $5.4M in 2009.  More significantly, Kovacevic reports that, according to the Pirates, Bob Nutting has not taken any salary or management fee, and there have been no cash distributions since 2008, but there was a distribution of $20.4M in 2008.

The Pirates’ explanation points to two bases for the distribution.  First, a little over half of the money went to all of the partners to offset income taxes on the team’s 2006-07 profits.  The rest went to the Nutting family as repayment of interest on a loan they made to the team in 2003.  According to the Pirates, the Nuttings tried to convert the Pirates’ debt to equity in the team, but the minority owners objected.  After an adverse vote from which the...

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Analysis

Wilbur Miller joined the site in July 2010. He has long been known for his excellent Player Profiles, which he brought to the site in February 2011, combining them with the existing Pirates Prospects Player Pages. Wilbur maintains the player pages section of the site, and provides regular articles to the main portion of the site, including a weekly Prospects Trend piece, featuring the best and worst prospects from the previous week.

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