Ron Cain rises to take majority stake of Pirates
Portland Pirates investor Ron Cain on Tuesday became the team’s majority owner and public representative, meaning Cain will take the lead in negotiations with the Cumberland County Civic Center over a contested lease agreement.
The Portland Press Herald reported Cain declined to disclose how much he paid for the majority stake in the company, which he acquired through additional shares issued by Portland Pirates LLC. Cain is a part owner of the Androscoggin Bank Colisee in Lewiston, where the Pirates decided to play this season, and of the MHG Ice Centre in Saco, where the Portland Junior Pirates play and the professional team practices. He is also chairman and CEO of Legacy Holding Co., a logistics company.
The previous majority owner, Lyman Bullard, and managing owner Brian Petrovek retained their stakes in the company, the paper reported. Petrovek told the paper that the ownership team’s focus is now on resolving issues that emerged during lease negotiations with the civic center trustees.
The team has filed a lawsuit against the civic center trustees, seeking to enforce an April agreement they argue constituted a binding contract. Cain said the team is still offering to suspend the lawsuit if the trustees return to bargaining. The paper reported Neal Pratt, chairman of the trustees, did not return a request for comment.
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