Skip to content

Report: Cubs considering selling minority shares of team to fund Wrigley renovation

Apr 3, 2014, 8:51 PM EDT

cubs logo

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.

Latest Posts
  1. Mariners will skip Felix Hernandez’s start on Monday

    Aug 29, 2015, 10:10 PM EDT

    Felix Hernandez Getty Images

    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.

  2. Indians will activate Gavin Floyd from the disabled list on Tuesday

    Aug 29, 2015, 9:15 PM EDT

    Gavin Floyd Gavin Floyd

    Gavin Floyd will pitch out of the bullpen for the Indians when he is activated on Tuesday.

  3. Francisco Rodriguez was claimed on waivers, but the Brewers pulled him back

    Aug 29, 2015, 8:20 PM EDT

    francisco rodriguez getty Getty Images

    The Brewers pulled Francisco Rodriguez back after he was claimed on revocable waivers last week.

  4. Mets acquire Addison Reed from the Diamondbacks

    Aug 29, 2015, 7:28 PM EDT

    Addison Reed Addison Reed

    The Mets have bolstered their bullpen, acquiring Addison Reed from the Diamondbacks.

  5. Lance Lynn exits Saturday’s start with an ankle injury

    Aug 29, 2015, 7:15 PM EDT

    Lance Lynn Lance Lynn

    Lance Lynn hurt his right ankle in the eighth inning of Saturday’s start versus the Giants.

  6. Astros place Jason Castro on the disabled list, promote Max Stassi

    Aug 29, 2015, 6:55 PM EDT

    Max Stassi Max Stassi

    Max Stassi will return to the majors as Jason Castro was placed on the disabled list on Saturday.

  7. Vin Scully says 2016 will be his last season of broadcasting

    Aug 29, 2015, 6:05 PM EDT

    vin scully getty Getty Images

    2016 will be Vin Scully’s last season behind the mic.

  8. Report: Mets claim Marc Rzepczynski on revocable waivers

    Aug 29, 2015, 5:26 PM EDT

    MILWAUKEE, WI - AUGUST 06: Marc Rzepczynski #45 of the San Diego Padres pitches during the sixth inning against the Milwaukee Brewers at Miller Park on August 06, 2015 in Milwaukee, Wisconsin. (Photo by Mike McGinnis/Getty Images) Getty Images

    Rzepczynski was just acquired by the Padres last month, but he could soon be on the move again.

  9. Edwin Encarnacion slugs three home runs as Blue Jays thrash Tigers

    Aug 29, 2015, 5:25 PM EDT

    Toronto Blue Jays' Edwin Encarnacion rounds the bases following a three-run home run during the first inning of a baseball game against the Detroit Tigers in Toronto on Saturday, Aug. 29, 2015. (Darren Calabrese/The Canadian Press via AP) MANDATORY CREDIT AP

    Encarnacion extended his hitting steak to 24 games and also drove in a career-high nine runs.

  10. Report: The Padres pulled Craig Kimbrel back off waivers

    Aug 29, 2015, 4:22 PM EDT

    San Diego Padres closer Craig Kimbrel pumps his fist as he watches the final out in the Padres' 3-2 victory over the Atlanta Braves in a baseball game Wednesday, Aug. 19, 2015, in San Diego. (AP Photo/Lenny Ignelzi) AP

    Kimbrel won’t be traded this season.

  11. Anthony Gose forgets how many outs there after catching fly ball, run scores from second base

    Aug 29, 2015, 3:57 PM EDT

    cD05ODdlNmNhY2MwMjRlZWQzNTJhM2ViYTQ1Y2VlY2YzOCZnPTRlMDNlNmY2MWJkMTQ0Y2NhM2I0YmQzNjcxNTNmN2Y0 Getty Images

    Gose had a costly brain camp this afternoon against the Blue Jays.

  12. Important: There will be a Meeting of the Mookies this afternoon

    Aug 29, 2015, 1:13 PM EDT

    NEW YORK - OCTOBER 04:  Mookie Wilson formerly of the New York Mets waves to the fans before throwing out the first pitch for a game against the Los Angeles Dodgers in game one of the National League Division Series at Shea Stadium on October 4, 2006 in the Flushing neighborhood of Queens borough of New York City.  (Photo by Chris McGrath/Getty Images) Getty Images

    Mookie Betts and Mookie Wilson will meet Saturday afternoon at Citi Field.

  13. Terry Francona says he won’t use opt-out clause with Indians for “leverage”

    Aug 29, 2015, 12:32 PM EDT

    BOSTON, MA - AUGUST 19:  Terry Francona #17 of the Cleveland Indians reacts during batting practice before a game with the Boston Red Sox on August 19, 2015 in Boston, Massachusetts.  (Photo by Jim Rogash/Getty Images) Getty Images

    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.

  14. Out since May with concussion symptoms, Justin Morneau begins minor league rehab assignment

    Aug 29, 2015, 11:36 AM EDT

    Injured Colorado Rockies first baseman Justin Morneau, left, talks with teammate Carlos Gonzalez who he heads to the plate to face the San Diego Padres in the fourth inning of a baseball game Sunday, Aug. 16, 2015, in Denver. The Rockies won 5-0. (AP Photo/David Zalubowski) AP

    Morneau has been out since May 13 with a concussion symptoms and a cervical neck strain.

  15. Video: Catwalk at Tropicana Field leaves Kevin Kiermaier hanging

    Aug 29, 2015, 10:45 AM EDT

    kiermaier

    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.

  16. Mark Teixeira says he’s having “serious pain” when he tries to run

    Aug 29, 2015, 10:06 AM EDT

    on August 9, 2015 at Yankee Stadium in the Bronx borough of New York City. Getty Images

    Teixeira fouled a ball of his right leg on August 17 and hasn’t seen much in the way of improvement.

  17. Video: Jonny Gomes pitched for the Braves last night

    Aug 29, 2015, 9:35 AM EDT

    Atlanta Braves outfielder Jonny Gomes, who was pitching in relief, tips his cap as New York Yankees' Chris Young rounds the bases after a solo home run in the ninth inning of a baseball game Friday, Aug. 28, 2015, in Atlanta. (AP Photo/John Bazemore) AP

    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.

  18. Settling the Score: Friday’s results

    Aug 29, 2015, 8:55 AM EDT

    Texas Rangers' Elvis Andrus, left, dunks Cole Hamels, right, as Hamels participates in a post game interview after their 4-1 win over the Baltimore Orioles in a baseball game Friday, Aug. 28, 2015, in Arlington, Texas. The Rangers won 4-1. (AP Photo/Tony Gutierrez) AP

    A quick recap from a busy Friday around MLB, including a dominant outing from Cole Hamels.

  19. Ike Davis expected to be ready for spring training

    Aug 28, 2015, 11:40 PM EDT

    Ike Davis Ike Davis

    Ike Davis recently underwent hip surgery, but is expected to be ready to participate in spring training next year.

Top 10 MLB Player Searches
  1. D. Wright (2992)
  2. D. Span (2543)
  3. G. Stanton (2477)
  4. J. Fernandez (2443)
  5. G. Springer (2431)
  1. Y. Puig (2335)
  2. F. Rodney (2218)
  3. M. Teixeira (2195)
  4. G. Perkins (2081)
  5. H. Olivera (1958)