It appears that there are more ups and downs for the Bucs, to go along with their losses this season. Kenneth Pollock, a Wilkes-Barre utilities executive, notified managing partner Kevin McClatchy that he had decided to take up his option to leave. This marks the second major investor to withdraw money from the partnership that originally bought the Pirates in February, thus ending a wrestling for control of the team.
Like, Fuhrer Out, Man
Akin to Frank B. Fuhrer, who also quit the partnership a week before, Pollock had put up $5 million to be a general partner. Also following in Fuhrer's footsteps as a Pittsburgh beer distributor, Pollock had the right to demand repayment in full from McClatchy within a year after the team was sold during the Valentine's Day deal. Pollock's decision to depart came only one day after the six-month anniversary of the sale of the team.Nutting To It
Financial salvation to buy out Pollock and Fuhrer may arrive by way of G. Ogden Nutting, a Wheeling, West Virginia newspaper publisher who loaned Kevin McClatchy $2 million to help buy the Pirates. Serving on the Pirates' board of directors, Nutting is nevertheless regarded by Major League Baseball as a creditor, and not an owner. He will need approval from the MLB's Ownership Committee and from the National League in order to be considered a shareholder. According to the Pittsburgh Post-Gazette, McClatchy is confident about getting the approval. No urgency exists, since Fuhrer will be repaid in full by next week and Pollock's money is not due for six months.Visit the OnTV Bulletin Archive.
