Non-Sale-of-Cubs Stories Rapidly Gaining on Non-Acquisition-of-Brian-Roberts Stories
With all of the excitement—and by excitment, I mean disgust—over the likely Cubs signing of Jim Edmonds, there wasn't an opening here yesterday to note the snag in efforts to peddle Wrigley Field to the Illinois Sports Facilities Authority.
The Sun-Times reported Tuesday morning that the state agency and Tribune Company owner Sam Zell had failed to reach an agreement because the state's offer relied...
...on a novel and untested financing plan: the sale of
individual seats at Wrigley as if they were condominiums. The idea is
called equity seat rights and has been advanced by Chicago area
business executive Lou Weisbach, who has applied for patent rights on
Zell, Cubs Chairman Crane Kenney and their advisers have concluded
that the equity plan and its tax ramifications would violate both the
Internal Revenue Service code and the rules of Major League Baseball...sources said.
Very late Tuesday night, however, the Tribune reported that the ISFA and Zell will continue their negotiations and that "sources said...the media conglomerate is privately
indicating it might hold off selling the ballclub if the inevitable
need for costly repairs at the antiquated ballpark significantly
discounts the bids it fields for the team."
Tribune Company is due to begin paying down its debt with the banks on December 4th, when a $650 million payment will be required. At one point, it was thought this might ensure the sale of Wrigley Field and the Cubs before the end of 2008. But Zell's recent agreement to sell Newsday, a deal that will net Tribune Company about $630 million in cash, gives the foul-mouthed billionaire the latitude to take his time negotiating the sale of the ballpark and the team.
Yeah, it's the past but you keep complaining based on the past. First they tanked and shouldn't have. Now they make some comments about needing to have a budget and you say they're crying poverty -- all before any trades/signings have been made. (They signed a $155 million pitcher last year, I recall.)
FYI, the Cubs have had a skating rink the last couple of years. It's not a permanent structure (obviously) and probably doesn't cost all that much. But who knows, maybe it'll be the reason they don't win a World Series.
Thanks guys! Pretty sure Bill Murray says thanks too.
Awesome job, Tim!
Outfielder Chris Young signs "multiyear" contract w BoSox.
Wow, Dombrowski is a buffoon
Not sure I understand the logic, especially for more than one year.
well, that's the past. we're left with the present. even though that past you're seeing is some weird black/white either/or where hybridization of ideas isn't allowed...nonetheless...
the present is ice skating, movies, concerts, beer gardens, hotels, office space and other wonderful baseball activities based around a young, successful baseball team.
All money making ventures, which would have been offset with a reasonable TV contract that previous ownership screwed up
Nah, I'll probably just contemplate how they should've done a Padres-style all-in plan.
of course not. maybe go ice skating and think about it a while. make advanced reservations at the hotel they're starting construction on. check new releases for possible entertainment from the movie screens they want installed. think about renting an office in the new office spaces. write a letter to the cubs requesting your favorite beer be added to the beer garden. lobby your favorite band to play the outdoor venue.
...and in between that maybe they can find $40-50m to invest in the product that all of this revolves around.
let's not get caught up on phrasing for a setup and lose the gist of the post. i don't care what one wants to call the playoff exit.
+they lost their playoff attempt
there. now we can focus on something other than not liking the tone of a line that's setting up a point.
I didn't like the entire post, if that helps.
Making the NLCS with a young team = "crapping out of the playoffs with a young team."
I'm guessing 3/30 and all the two foot long hot dogs you can eat didn't work