I've never seen a franchise hit the crapper as fast and stay down as long as Pittsburgh. They were feared in the 1960s & 70s. Good ownership could turn them around in a few years.
But even a loyal fan base will put up with only so much abuse. During the off-season they traded off one of their few solid position players, Catcher Jacob Stallings which could work out the same way the Andrew McCutcheon trade worked out. But the highest paid player on their team is now a has been catcher.
So it isn't only a fear of spending money, it is a propensity to spend it in all the wrong places.