Apr 3, 2014, 8:51 PM EDT
With the Cubs looking for ways to finance the Wrigley Field renovation effort and projects around the stadium, Patrick Mooney of CSNChicago.com reports that ownership is considering selling minority shares of the team.
No final decisions have been made yet, but the Ricketts family will not be selling off controlling interest in the team. It’s akin to what the Mets did a couple of years ago after the settlement in the Bernie Madoff scandal. Just some outside cash now to get the projects off the ground.
An industry source predicted the Cubs would be working from the latest Forbes valuation – $1.2 billion – that put the franchise behind only the New York Yankees, Los Angeles Dodgers and Boston Red Sox at a time when commissioner Bud Selig estimated the sport’s revenues could top $9 billion this year.
That’s a 42-percent jump from the $845 million deal that finally closed in October 2009 and included a piece of Comcast SportsNet Chicago. The game’s rising tide hasn’t lifted the Cubs out of fifth place since the Ricketts family entered into that leveraged partnership with Zell’s Tribune Co., which demanded any buyer take on a debt-heavy structure that would create a shelter from huge capital-gains taxes.
The Cubs source said a sale wouldn’t impact the futures of team presidents Crane Kenney and Theo Epstein, who both have long-term contracts and run business and baseball operations without much interference from a hands-off ownership group.
MLB would have to approve any new owners. The Wrigleyville project is expected to cost around $500 million and will consist of renovations of the stadium itself and outside the stadium, including a hotel. In addition to trying to raise the money to fund it privately, Cubs ownership have run into some other issues along the way, including their contract with rooftop owners which runs through 2023. Plans for a jumbotron will block some of the views into the ballpark.
Aug 29, 2015, 10:10 PM EDT
Mariners manager Lloyd McClendon wants to keep Felix Hernandez fresh through the end of the season, so he’ll skip his ace’s start on Monday.
Aug 29, 2015, 9:15 PM EDT
Gavin Floyd will pitch out of the bullpen for the Indians when he is activated on Tuesday.
Aug 29, 2015, 8:20 PM EDT
The Brewers pulled Francisco Rodriguez back after he was claimed on revocable waivers last week.
Aug 29, 2015, 7:28 PM EDT
The Mets have bolstered their bullpen, acquiring Addison Reed from the Diamondbacks.
Aug 29, 2015, 7:15 PM EDT
Lance Lynn hurt his right ankle in the eighth inning of Saturday’s start versus the Giants.
Aug 29, 2015, 6:55 PM EDT
Max Stassi will return to the majors as Jason Castro was placed on the disabled list on Saturday.
Aug 29, 2015, 6:05 PM EDT
2016 will be Vin Scully’s last season behind the mic.
Aug 29, 2015, 5:26 PM EDT
Rzepczynski was just acquired by the Padres last month, but he could soon be on the move again.
Aug 29, 2015, 5:25 PM EDT
Encarnacion extended his hitting steak to 24 games and also drove in a career-high nine runs.
Aug 29, 2015, 4:22 PM EDT
Kimbrel won’t be traded this season.
Aug 29, 2015, 3:57 PM EDT
Gose had a costly brain camp this afternoon against the Blue Jays.
Aug 29, 2015, 2:13 PM EDT
Well done by the Trouts and the Angels.
Aug 29, 2015, 1:13 PM EDT
Mookie Betts and Mookie Wilson will meet Saturday afternoon at Citi Field.
Aug 29, 2015, 12:32 PM EDT
Indians manager Terry Francona has the ability to opt out of his contract if team president Mark Shapiro or general manager Chris Antonetti were to leave the organization.
Aug 29, 2015, 11:36 AM EDT
Morneau has been out since May 13 with a concussion symptoms and a cervical neck strain.
Aug 29, 2015, 10:45 AM EDT
The catwalk at Tropicana Field strikes again. After it robbed Twins rookie Miguel Sano of a home run on Thursday night, it fooled Rays outfield Kevin Kiermaier on this two-run homer from Royals designated hitter Kendrys Morales last night.
Aug 29, 2015, 10:06 AM EDT
Teixeira fouled a ball of his right leg on August 17 and hasn’t seen much in the way of improvement.
Aug 29, 2015, 9:35 AM EDT
With the Braves getting blown out by the Yankees last night, outfielder Jonny Gomes got an opportunity to pitch the top of the ninth inning. As you might expect, it was pretty entertaining.
Aug 29, 2015, 8:55 AM EDT
A quick recap from a busy Friday around MLB, including a dominant outing from Cole Hamels.
Aug 28, 2015, 11:40 PM EDT
Ike Davis recently underwent hip surgery, but is expected to be ready to participate in spring training next year.
- Mets acquire Addison Reed from the Diamondbacks 8
- Vin Scully says 2016 will be his last season of broadcasting 18
- Edwin Encarnacion slugs three home runs as Blue Jays thrash Tigers 14
- Mark Teixeira says he’s having “serious pain” when he tries to run 13
- Settling the Score: Friday’s results 22
- Vin Scully will return in 2016 for his 67th season of broadcasting 43
- The Athletics have a travel-heavy 2016 schedule and unsuccessfully tried to have it altered 11
- Mariners fire general manager Jack Zduriencik 79
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- Dan Patrick: When does ESPN cut ties with Curt Schilling? (200)
- Curt Schilling taken off of Little League World Series duty for making a really bad tweet (170)
- Curt Schilling taken off of ESPN’s Sunday Night Baseball telecast this week (134)
- Phillies announcer calls Mets fans “obnoxious” (123)