Apr 3, 2014, 8:51 PM EST
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.
Jan 25, 2015, 3:17 PM EST
Sean McAdam of CSNNewEngland.com shares the gory details about the painful facial surgery that Mike Napoli had earlier this offseason to help end his long battle with sleep apnea …
Jan 25, 2015, 2:58 PM EST
A nice gesture here from Max Scherzer, who signed a $210 million deal Monday with the Nationals …
Jan 25, 2015, 1:33 PM EST
Shi Davidi of Sportsnet.ca reports that the Blue Jays have ended their pursuit of Orioles executive Dan Duquette because Baltimore asked for 2014 first-round pick Jeff Hoffman and two other prospects in return.
Jan 25, 2015, 12:05 PM EST
Rob Manfred has officially been reigned in as the new commissioner of Major League Baseball and he said something controversial in a sit-down interview this weekend with ESPN’s Karl Ravech …
Jan 25, 2015, 11:02 AM EST
Another New York Daily News source added that A-Rod is looking “noticeably thinner and massless,” so you get the sense these bits of information — however truthful — definitely aren’t coming from his camp.
Jan 25, 2015, 9:39 AM EST
MLB Network looks back on the career of Ernie Banks, who died Friday at the age of 83 …
Jan 24, 2015, 10:40 PM EST
Tommy Milone underwent neck surgery in December to remove a benign tumor, but he was able to resume throwing just over two weeks later.
Jan 24, 2015, 9:35 PM EST
Top prospect Byron Buxton could be wearing a Twins uniform in the major leagues at some point this season according to GM Terry Ryan.
Jan 24, 2015, 8:30 PM EST
The Tigers and reliever Al Alburquerque avoided arbitration with a one-year deal on Saturday.
Jan 24, 2015, 7:25 PM EST
A Jonathan Papelbon trade to the Brewers may not be happening after all.
Jan 24, 2015, 6:20 PM EST
Franklin Gutierrez could make a return to the Mariners. The 31-year-old outfielder has had trouble staying healthy over the last few years.
Jan 24, 2015, 5:28 PM EST
Duensing he has been useful and durable as a middle reliever over the past two seasons, posting a 3.67 ERA (110 ERA+) in 115 1/3 innings over 135 appearances.
Jan 24, 2015, 4:53 PM EST
Beachy is currently making his way back from his second Tommy John surgery.
Jan 24, 2015, 4:01 PM EST
The Giants, Padres, Rangers, Braves, and Yankees are among the teams showing strong interest in Olivera.
Jan 24, 2015, 3:15 PM EST
Check out this scouting report from when Banks was 22 years old.
Jan 24, 2015, 2:40 PM EST
From the start, even in those turbulent times, even though Chicago was finding its way in a changing America, people in Chicago did not see the color of his skin. From the start, Chicago loved Ernie Banks.
Ryan Vogelsong “really wasn’t comfortable with what was going on” with Astros before returning to Giants
Jan 24, 2015, 2:16 PM EST
Did something strange happen between Ryan Vogelsong and the Astros which led to his return to the Giants?
Jan 24, 2015, 1:11 PM EST
Coleman, who ranks sixth on MLB’s all-time list with 752 stolen bases, spent last the two seasons as a minor league outfield/baserunning coach with the Astros.
Jan 24, 2015, 12:05 PM EST
Abad, 29, posted an excellent 1.57 ERA and 51/15 K/BB ratio across 57 1/3 innings out of Oakland’s bullpen in 2014.
Jan 24, 2015, 11:11 AM EST
Reactions from a baseball world in mourning after the passing of Cubs legend Ernie Banks.
- Rob Manfred, new Major League Baseball commissioner, suggests ban on defensive shifts 64
- Yankees reject A-Rod’s apology attempt 30
- Joe Posnanski: Remembering ‘Mr. Cub,’ Ernie Banks 16
- What they’re saying about the passing of Cubs legend Ernie Banks 7
- Alex Rodriguez recently met with incoming MLB commissioner Rob Manfred 15
- Ernie Banks, one of baseball’s greatest players and greatest ambassadors has died at age 83 75
- Sean Doolittle has a “slight” rotator cuff tear, won’t be ready for Opening Day 4
- Ryan Vogelsong re-signs with Giants after flirting with Astros 17
- Bud Selig: The Greatest Commissioner in the History of Baseball (144)
- Max Scherzer’s seven-year deal with Nationals worth $210 million (119)
- Comments of the Day: some of you guys aren’t big Bud Selig fans (77)
- Ernie Banks, one of baseball’s greatest players and greatest ambassadors has died at age 83 (75)