The Pittsburgh Pirates lost about $7 million...

The Pittsburgh Pirates lost about $7 million in 1986, their first season of ownership by a public-private coalition, but managed to trim losses by 25% from the year before, Malcolm Prine, the team president, said.

About 40% of the $7,071,654 losses, or $3 million, resulted from the release or trading of veteran players owed money under long-term contracts. Outfielder Steve Kemp, for example, was owed more than $2 million when he was released last May.