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 ...

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