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 5, 2015, 8:45 PM EDT
The pitching-thin Dodgers will call on Eric Surkamp to start on Monday, it appears.
Jul 5, 2015, 7:48 PM EDT
Find out who made the starting rosters for the AL and NL squads in the 2015 All-Star Game. Spoiler: no Omar Infante.
Jul 5, 2015, 7:45 PM EDT
The Pirates added some depth, claiming Travis Ishikawa off waivers from the Giants on Sunday.
Jul 5, 2015, 6:55 PM EDT
Marcell Ozuna has slumped badly over his last 10 games and will try to figure things out at Triple-A.
Jul 5, 2015, 6:05 PM EDT
Newsday’s David Lennon details how the Mets were close to trading for Manny Ramirez back in 2005.
Jul 5, 2015, 4:15 PM EDT
Strasburg suffered the oblique strain Saturday in his start against the Giants. He had thrown 3 2/3 scoreless innings in that outing and was also sharp in his previous two starts since returning from a trapezius injury.
Jul 5, 2015, 3:02 PM EDT
It looks, at first glance, like another smart rebuilding move for the determined-to-rebuild Phils.
Jul 5, 2015, 1:46 PM EDT
Garcia boasts a 1.69 ERA and 0.88 WHIP in seven starts (48 innings) this season. He’s missed a ton of time to injuries in his career, but most of the major problems have been elbow- and shoulder-related.
Jul 5, 2015, 12:24 PM EDT
Soler wound up missing over a month with a sprained left ankle.
Jul 5, 2015, 11:19 AM EDT
Schoop originally landed on the disabled list on April 18 after being diagnosed with both a PCL tear and MCL strain in his left knee.
Jul 5, 2015, 10:32 AM EDT
Check out this wrap-around style montage of all the July 4 action in Major League Baseball …
Jul 5, 2015, 9:40 AM EDT
Josh Hamilton has a .954 OPS in 10 games with the Rangers. The problem is he’s only played in 10 games.
Jul 5, 2015, 8:53 AM EDT
The best fireworks on July 4 came from the Angels.
Jul 4, 2015, 11:55 PM EDT
Chi Chi Gonzalez posted good results in his first seven major league starts, but he’ll cede his rotation spot to Matt Harrison and head back to Triple-A.
Jul 4, 2015, 11:20 PM EDT
But not even science could master the knuckleball.
Jul 4, 2015, 10:45 PM EDT
Kris Bryant had a monster night at the plate on Saturday against the Marlins.
Jul 4, 2015, 10:26 PM EDT
Jarred Cosart had a rough outing on Saturday and will try to straighten things out at Triple-A.
Jul 4, 2015, 10:15 PM EDT
The Orioles got Jonathan Schoop back after nearly three months. They sent Ryan Flaherty to Triple-A to make room for him.
Jul 4, 2015, 9:25 PM EDT
The Braves are trying to shop an expensive, ineffective Chris Johnson.
Jul 4, 2015, 9:07 PM EDT
The Twins added some bullpen depth in signing Scott Atchison to a minor league deal.
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