Pirates fans who tried to grasp the flurry of financials released by team executives Sunday are bound to be more bewildered than relieved.

Profits of $5.4 million, $14.4 million and $15 million in 2009, 2008 and 2007, respectively. A $20.4 million distribution to owners in 2008 -- $10.8 million to cover most of their individual taxes on team profits in 2006 and 2007, and $9.6 million to repay interest on a loan made by the Nutting family to the Pirates in 2003. A desperate need to stay in the black and ward off debt.

Out of the complex $20.4 million distribution, majority owner Bob Nutting increased his equity to the point where it is now believed he controls more than three-quarters of the team.

While these figures are important and tell their own story, they link up with other numbers that are foremost in the minds of fans -- numbers that are more stark and fundamental.

Eighteen straight losing seasons. The worst record in baseball, which this year will include 100 losses. A 40-man roster with a $44 million payroll, lowest in the majors. Nothing close to a contender since the public put up most of the $262 million needed to open PNC Park 10 years ago.

The frustration continues, even as the Pirates brass open their books to head off suspicions that they're not putting enough money into the team. While the paltry size of the payroll speaks for itself, it does not mean the owners have done nothing to rebuild the team's fortunes.

In the category of capital expenditures, they spent $5 million to build a baseball academy in the Dominican Republic, $2 million to improve the Pirate City spring and rookie training facility in Bradenton, Fla., and $2 million to buy the Class A Bradenton Marauders, which will help develop young talent.

In terms of star acquisitions, the team has become a big spender -- on amateur players. It shelled out $6.5 million for Jameson Taillon and $2.25 million for Stetson Allie, pitchers who are the Pirates' top draft picks, and $2.6 million for 16-year-old pitcher Luis Heredia. Stick around, 2015 could be the year -- if all goes well.

But right now it is not and the team's performance is worse than last year's, despite the call-ups this summer of those who no doubt will be the Pirates' future top performers. These young starters may get a chance to succeed if we can put stock in two statements last week from Pirates president Frank Coonelly -- that the team payroll will have a "meaningful" increase for 2011 and that "nobody's job is absolutely safe" (including, we hope, the management's).

Long term, however, the financial numbers released by the Pirates paint a sobering picture. They suggest that this franchise, under the Bob Nutting ownership group, may be undercapitalized -- that it is run by owners not with deep pockets but shallow pockets. That in itself does not bode well for a return to winning ways.

Mr. Nutting and his associates may have good intentions about reviving the team and making smart baseball moves, but if they lack the money to invest in true competition, there is less margin for error when this player or that trade goes bad and more likelihood that the team will continue to fight failure.

It doesn't take a CPA to know there's a difference between having enough to own a sports franchise and having enough to make it win. That is now the glaring difference in Pittsburgh between the organization that owns the Pirates and the groups that own the Steelers and the Penguins.

Two of the Penguins' principals, Mario Lemieux and Ron Burkle, made an unsolicited offer almost a year ago to buy the Pirates, but the offer did not receive a response.

Since then Mr. Nutting has said the team is not for sale, and he reiterated that after releasing the Pirates data on Sunday. "It would be a disaster," he said. Maybe for his vanity as a team owner, but not for the success of the team.

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