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.
Apr 18, 2015, 7:17 AM EDT
There are, increasingly, two Angels camps when it comes to the Josh Hamilton matter: Arte Moreno and everybody else.
Apr 18, 2015, 6:49 AM EDT
When Angels owner Arte Moreno was asked if Josh Hamilton would ever play for the Angels again, he said “I will not say that.” With this listing, perhaps Hamilton is saying so himself.
Ruben Amaro on Andy Oliver’s decision to elect free agency: “I think it was a very foolish move on his part, but that’s OK.”
Apr 17, 2015, 11:30 PM EDT
Ruben Amaro seems a little upset that Andy Oliver didn’t want to start the season with Triple-A Lehigh Valley.
Apr 17, 2015, 10:50 PM EDT
The Mets will be stretching out Rafael Montero as a starter at Triple-A Las Vegas before bringing him back to the majors for a spot start against the Marlins.
Apr 17, 2015, 9:58 PM EDT
Mike Trout became the youngest to join the 100/100 club with a two-run home run on Friday night.
Apr 17, 2015, 9:17 PM EDT
Alex Rodriguez has two home runs on Friday night, leaving him two round-trippers shy of tying Willie Mays for fourth on the all-time home run leaderboard.
Apr 17, 2015, 9:11 PM EDT
Matt Carpenter made a cool maneuver to score the tying run in the bottom of the first against the Reds on Friday night.
Apr 17, 2015, 8:45 PM EDT
Neither side was warned, but Ubaldo Jimenez was ejected for hitting Pablo Sandoval with a pitch on Friday evening.
Apr 17, 2015, 7:50 PM EDT
A-Rod is now three home runs away from tying Willie Mays for fourth on the all-time home run leaderboard.
Apr 17, 2015, 7:15 PM EDT
Since 2000, how often have teams that started 9-1 went on to have playoff success?
Apr 17, 2015, 6:20 PM EDT
Mark Buehrle, baseball’s timeless left-hander, is reportedly considering retiring after the season.
Apr 17, 2015, 5:28 PM EDT
Well, he’s certainly not getting the support of the Los Angeles Angels.
Apr 17, 2015, 5:13 PM EDT
Apr 17, 2015, 4:16 PM EDT
Duensing had an ugly outing Thursday in which he turned a blowout into a save situation for closer Glen Perkins.
Apr 17, 2015, 3:41 PM EDT
Ryan Goins, who was called up from Triple-A, is expected to be Reyes’ primary fill-in at shortstop.
Apr 17, 2015, 3:15 PM EDT
And call up infielder Danny Muno.
Apr 17, 2015, 2:47 PM EDT
OK, maybe that’s a bit strong.
Apr 17, 2015, 2:17 PM EDT
Sanchez was the fourth overall pick in the 2009 draft.
Apr 17, 2015, 1:42 PM EDT
Left-hander Kyle Lobstein will continue to fill in for Verlander.
Apr 17, 2015, 12:30 PM EDT
We want more of this? Really?
- Josh Hamilton’s teammates say he’s in great shape and ready to play 0
- Mike Trout hit his 100th career home run to become the youngest member of the 100 HR/100 SB club 19
- Make that two: Alex Rodriguez hits second homer of the night, giving him 658 for his career 35
- Alex Rodriguez hit his 657th career home run 47
- Let’s all just stare at Kris Bryant’s numbers for a while 28
- And That Happened: Thursday’s scores and highlights 39
- The wait is over: The Cubs are calling up top prospect Kris Bryant on Friday 99
- Carlos Gomez headed to disabled list with hamstring injury 11
- The Commissioner’s Office thinks that the Angels could indeed go after Josh Hamilton under his contract (153)
- “Why Ted Cruz is like the Atlanta Braves” (150)
- “We no longer need the terrorists. We’re now so good at terrorizing ourselves.” (143)
- Another argument in favor of making the DH universal (127)
- When it comes to Josh Hamilton, Arte Moreno is a craven opportunist, not a “smart businessman” (116)