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.
Jul 31, 2015, 7:49 PM EDT
Kendrys Morales is more nimble than we give him credit for being.
Jul 31, 2015, 7:20 PM EDT
Yankees pitching prospect Luis Severino will make his major league debut within the next week.
Jul 31, 2015, 6:14 PM EDT
Clayton Kershaw has been scratched from a start yet again due to a hip problem.
Jul 31, 2015, 5:37 PM EDT
Yes, I realize it’s silly to do this an hour after the trade deadline, as time is required to see how this stuff truly shakes out. But what is the Internet for if not kneejerk reactions?
Jul 31, 2015, 4:33 PM EDT
J.A. Happ and Joe Blanton, reunited.
Jul 31, 2015, 4:30 PM EDT
He was DFA’d by the Dodgers as soon as they got him but he may platoon at 1B for Pittsburgh.
Jul 31, 2015, 4:20 PM EDT
People thought they’d make four or five trades. They ended up doing nothing.
Jul 31, 2015, 4:15 PM EDT
We’re recapping all of the deals as they come down.
Jul 31, 2015, 4:11 PM EDT
Bullpen help for Chicago.
Jul 31, 2015, 3:59 PM EDT
The Mets add a big bat to their anemic offense. And they don’t have to part with Zack Wheeler to do it.
Jul 31, 2015, 3:12 PM EDT
Jones struggled in a part-time role for the Yankees.
Jul 31, 2015, 2:27 PM EDT
This is the third outfielder to whom they’ve been linked in three days. Let’s see if this one takes.
Jul 31, 2015, 2:13 PM EDT
He’s hitting hitting .298/.334/.374 and will likely take over left field duties.
Jul 31, 2015, 2:08 PM EDT
Jed Hoyer has worked for all three of these teams. He may be in the middle of a big trade involving them all.
Jul 31, 2015, 2:05 PM EDT
Bullpen help has been an obvious need for Minnesota.
Jul 31, 2015, 1:30 PM EDT
The Cubs get a starter.
Jul 31, 2015, 1:28 PM EDT
Another move for Toronto.
Jul 31, 2015, 1:13 PM EDT
Don’t bring me down . . . Mets!
Jul 31, 2015, 12:05 PM EDT
The price is too high.
Jul 31, 2015, 12:02 PM EDT
Cardinals’ bullpen is suddenly stacked with closers and ex-closers.
- The Winners and Losers at the Trade Deadline 43
- 2015 MLB Trade Deadline Tracker 10
- Report: Yoenis Cespedes heading to the New York Mets 35
- The Blue Jays pick up Ben Revere from the Phillies 62
- Cubs trade for Dan Haren 27
- Cardinals add more bullpen help, get Jonathan Broxton from Brewers 13
- Orioles trade for Brewers outfielder Gerardo Parra 19
- And That Happened: Thursday’s scores and highlights 45
- Blue Jays acquire David Price from the Tigers (112)
- Rangers land ace left-hander Cole Hamels from Phillies (106)
- Royals make another big move, get Ben Zobrist from A’s (95)
- Report: Rockies trade Troy Tulowitzki to Blue Jays for Jose Reyes and prospects (90)
- The Hall of Fame just made a MAJOR change to the Hall of Fame voting process (78)