A Loan That’s Not a Loan

In all the furor over the Pirates’ leaked financial records, one aspect that’s enraged some Pirate fans yet received little attention outside Pittsburgh was the loan by the Nutting family to the Pirates.  The transaction wasn’t actually a loan, not in any conventional sense at least.  It was really a loan with an option to convert to equity, but it’s easiest to call it a loan.  Whatever the best name for the transaction may be,...

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Should teams receiving revenue sharing earn a profit?

The long-held assumption among many has been that Bob Nutting is pocketing a fortune as the Pirates principal owner. Now that it has become apparent that the team is making just a modest profit, the complaints among frustrated Pirates fans has shifted to a more relevant issue. Should a team receiving significant revenue sharing be permitted to show even one dollar of profit?

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Opening the books

Many fans got their wish today, as the Pirates opened their books to the public. Sort of. After financial records were leaked to the Associated Press, Bob Nutting and Frank Coonelly preemptively revealed the leaked details to local media members. I am far from an expert on finances, so I will just stick to a few of my general reactions.

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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...

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Responding to Mondesi’s House

Pirates general manager Neal Huntington was on The Fan morning show on Tuesday, discussing Monday night’s draft signing deadline. He talked about Jameson Taillon, Stetson Allie, a few 2009 draftees and some issues involving the major league team. For some reason, he made people angry.

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