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.
May 30, 2015, 10:06 AM EDT
Dior designed the “silhouetted batter” logo in 1968, but didn’t receive official credit until 2009.
May 30, 2015, 9:27 AM EDT
Derek Norris struck out in his first four at-bats Friday night against the Pirates, but made up for it with a walk-off grand slam.
May 30, 2015, 8:55 AM EDT
A quick recap of a busy Friday around MLB, including a sterling performance from one of the best bargains in baseball.
May 29, 2015, 11:59 PM EDT
The Brewers designated reliever Brandon Kintzler for assignment on Friday afternoon but rescinded it and put him on the 15-day disabled list instead.
Tony Cingrani hits Bryce Harper in the back with a pitch, then complains he was too slow getting to first base
May 29, 2015, 11:41 PM EDT
Bryce Harper was hit square in the back with a fastball and had the gall not to sprint immediately to first base. What nerve!
May 29, 2015, 11:00 PM EDT
Alex “Chi Chi” Gonzalez will make his major league debut on Saturday against the Red Sox.
May 29, 2015, 10:10 PM EDT
Rafael Soriano still wants to pitch and has fired agent Scott Boras in an effort to find work.
May 29, 2015, 9:18 PM EDT
Josh Hamilton hit his first home run of the season on Friday night against the Red Sox.
May 29, 2015, 8:52 PM EDT
Rockies starter Chad Bettis is trying to throw a no-hitter against the Phillies.
May 29, 2015, 8:35 PM EDT
The Mets will be without catcher Travis d’Arnaud a little while longer due to a bone bruise in his wrist.
May 29, 2015, 8:08 PM EDT
The Mariners will lose starter James Paxton for a couple of weeks due to strained finger tendon.
May 29, 2015, 7:42 PM EDT
Stephen Strasburg came out of Friday’s start after facing one batter in the second inning against the Reds.
May 29, 2015, 6:55 PM EDT
More than one in two fans of major league baseball prefer having the pitcher hit as opposed to a designated hitter.
May 29, 2015, 6:05 PM EDT
Tuffy Gosewisch may be dealing with a torn ACL, which would likely end his season.
May 29, 2015, 4:50 PM EDT
Wieters hasn’t played in the majors in nearly 13 months.
May 29, 2015, 4:33 PM EDT
Schilling says Amaro lacks self awareness, is elitist and has not been successful as a manager.
May 29, 2015, 3:55 PM EDT
Or much of anything else, really.
May 29, 2015, 3:30 PM EDT
Feldman is in the second season of a three-year, $30 million deal.
May 29, 2015, 3:16 PM EDT
“Wow. That is an EXPLOSION of cheese.”
May 29, 2015, 2:31 PM EDT
Sizemore hit just .250 with three homers and a .657 OPS in 99 games for the Phillies.
- Settling the Score: Friday’s results 7
- Tony Cingrani hits Bryce Harper in the back with a pitch, then complains he was too slow getting to first base 96
- Video: Josh Hamilton hits his first home run of the season 15
- Rockies starter Chad Bettis loses his no-hitter in the eighth inning 2
- Stephen Strasburg exits start in the second inning with an apparent injury 5
- More than half of polled baseball fans prefer having the pitcher hit 71
- The Marlins aren’t happy with the Dan Jennings hire 44
- Andrew McCutchen is doing just fine now, thank you 20
- Tony Cingrani hits Bryce Harper in the back with a pitch, then complains he was too slow getting to first base (98)
- The Big Unit: Wide Angle Watcher (90)
- And That Happened: Wednesday’s scores and highlights (89)
- Chipper Jones will fight you if you insult his “girl” (84)
- Alex Rodriguez is the all-time AL RBI champion. Sorta. (76)