Head over to the PBC Blog to check out some research by a local accountant on the Pirates' books, which includes some refinancing and talk about the team's credit that's not generally being discussed. His conclusion?
I continue to contend that the owners aren’t concerned about profits as long as their team can cash-flow itself each year and maybe have to borrow a little to fund operations. Because of the way the value of sports franchises generally appreciates each year in the marketplace, each owner is in it for the holy grail, and that is to sell the team eventually when they realize very nice capital gains
Make sure to read all of it.
UPDATE: Brian Beechman, the same CPA, answered some questions for Pirates Prospects yesterday though I think that was before he really reviewed Deadspin's documents. Still worth a read.