Would-be buyer John Rigas renewed negotiations with the Pittsburgh Pirates on Wednesday, apparently coming up with more cash while substantially reworking his rejected $90 million proposal.
Rigas, a 70-year-old cable TV entrepreneur, would not put a dollar figure on his latest - and, perhaps, final - offer, but said it would include cash for the current owners’ stock.
Mayor Tom Murphy wasn’t certain if Rigas actually presented a firm offer on or only discussed his next proposal. However, he expects a retooled offer from Rigas by Friday at the latest.
Rigas’ rejected bid last weekend consisted of $60 million in debt assumption but an offer of $30 million in new stock, and no cash, for shares owned by the team’s 10 owners. Rigas and his son, Tim, altered their offer Tuesday.