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.
Sep 20, 2014, 9:31 AM EDT
A fan sacrificed his popcorn to catch a home run ball last night at Turner Field.
Sep 20, 2014, 8:57 AM EDT
A quick recap of a busy Friday around MLB, including the A’s getting back in the win column.
Sep 19, 2014, 11:45 PM EDT
A Phillies pitching prospect violated the minor league drug policy and was suspended 50 games, beginning at the start of the 2015 season.
Sep 19, 2014, 11:05 PM EDT
Russell Martin hit a timely three-run home run to send the Pirates to a late win over the Brewers on Friday night, extending their lead for the second NL Wild Card slot.
Sep 19, 2014, 10:40 PM EDT
David Ortiz found yet another reason to hear his name uttered in the same breath as Ted Williams.
Sep 19, 2014, 9:55 PM EDT
Jacoby Ellsbury suffered a strained right hamstring in the fourth inning on Friday night against the Blue Jays. He’ll undergo an MRI to determine the severity of the injury.
Sep 19, 2014, 9:15 PM EDT
The Angels’ rotation is thin beyond Matt Shoemaker, Jered Weaver, and C.J. Wilson, so manager Mike Scioscia may do the obvious thing and utilize a three-man rotation in the ALDS.
Sep 19, 2014, 8:35 PM EDT
There isn’t much time left in the regular season, which may mean Mets fans won’t see Juan Lagares patrol the outfield until spring training in 2015.
Sep 19, 2014, 8:02 PM EDT
Perkins, who had a 2.44 ERA as recently as August 25, finishes the season with a 3.65 ERA and 66/11 K/BB ratio in 62 innings while saving 34 games.
Sep 19, 2014, 7:50 PM EDT
Jose Bautista offended Yankees reliever Shawn Kelley with his celebratory behavior after hitting a game-tying two-run home run in the eighth inning of last night’s game.
Sep 19, 2014, 7:19 PM EDT
Get well soon, Stretch.
Sep 19, 2014, 6:55 PM EDT
Hyun-Jin Ryu didn’t throw as expected on Friday, but hopes to do so before the weekend is over. He’s hoping to return to the Dodgers in time for the playoffs.
Sep 19, 2014, 6:30 PM EDT
Los Angeles is 22-4 with Kershaw on the mound this season.
Sep 19, 2014, 6:15 PM EDT
Alex Avila felt disoriented while swinging a bat over the last two days, so he remains out of the Tigers’ lineup and it’s even worth questioning if he’ll be ready for the post-season — assuming the Tigers get there.
Sep 19, 2014, 5:50 PM EDT
Ryan Zimmerman has been out since mid-July with a hamstring injury.
Sep 19, 2014, 4:31 PM EDT
Basically, we want everyone in the NL to finish with 88 wins.
Sep 19, 2014, 4:19 PM EDT
Konerko has hit just .220 with five homers and a .616 OPS in 74 games.
Sep 19, 2014, 3:30 PM EDT
What do you get the man who has everything? A bronzed version of the stuff he already has!
Sep 19, 2014, 3:15 PM EDT
He has two years remaining on a three-year, $26 million contract.
Sep 19, 2014, 3:00 PM EDT
Because if Clayton Kershaw needs anything, he needs a bunch of run support.
- Settling the Score: Friday’s results 3
- Clayton Kershaw wins his 20th game of the season 9
- Why are so many people acting like Bryce Harper is a bum? 78
- It certainly looks like Barry Bonds’ criminal conviction is going to be overturned 88
- And That Happened: Thursday’s scores and highlights 72
- VIDEO: Derek Jeter hits first home run at Yankee Stadium this season 11
- Ron Washington claims he resigned because he cheated on his wife 103
- No, baseball does not need to “announce a domestic violence policy ASAP” 52
- Geddy Lee’s baseball obsession makes it really hard for me to hate Rush (108)
- Ron Washington claims he resigned because he cheated on his wife (103)
- It certainly looks like Barry Bonds’ criminal conviction is going to be overturned (88)
- And That Happened: Tuesday’s scores and highlights (83)
- Umpire ejects jackwagon fan heckling Bryce Harper in Atlanta last night (82)