Cubs Sale Process Takes One Step Forward, Fifty Million Steps Back

It had been days since we'd heard a new reason why the Cubs-to-Ricketts deal still hasn't been closed, but then on Monday, Crain's Chicago Business ended the wait:

The Ricketts family, whose original bid was close to $900 million, now
believes the real price should be closer to $850 million, a source
said. The sides disagree over the value of the team’s multiyear
contract to broadcast games on Tribune’s WGN network.

At issue is about $40 million to $50 million — roughly 6% of the
original bid, which also includes Wrigley Field and a 25% stake in
regional cable channel Comcast Sports.

Broadcasters pay sports teams for the right to air games. The contract
between the Cubs and WGN, which was inked last fall, might have been
set too low, given that the broadcaster and the sports team have been
owned by the same parent: Tribune Co.

This latest delay comes a few days after the Ricketts family had finally cleared another hurdle on their way to the purchase, securing a $350 million loan from J. P. Morgan Chase & Co., Citigroup Corp.
and Bank of America.

Separately, in a report that will cheer the hearts of everyone who loves Caddyshack, Taking Care of Business, or Say Anything, Tuesday's Chicago Tribune reports...

Ricketts...has held separate discussions with a handful of
celebrities to raise money from them and other wealthy Cubs fans
willing to pony up as much as $25 million. In addition to (Bill) Murray, he's
met with Jim Belushi and John Cusack,
said two sources familiar with Ricketts' proposal. The meetings took
place several weeks ago, and sources were not sure if the talks had
advanced.

 

Comments

Well that's great news.

sounds like ricketts is lowering the offer in order to have cash to give hendry for the balance of jake peavy's contract.

i hope.

Please let this be a bad dream that there is any possibility that Jim Belushi can strut around Wrigley Field and say that he owns part of the team.

Well, according to Jim, this would be a dream come true. In fact, he feels like Mr. Destiny. He'd be happy to be just one of the gang - related, not by blood, but by a passion for the Cubs. He once said, "Every year the season ends, but every spring the Cubs return to me".

...Curly Sue.

Fired for not working in a Red Heat reference.

I tried. It felt forced. Ok it was all forced, but still.

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  • Oh my! Cards down 2-1 to Reds in the bottom of the 9th -- get a leadoff triple -- and don't score!

    billybucks 3 hours 8 min ago view
  • Gameday has stopped at the top of the 8th inning. Google tells me it ended up 8-4 Pirates but I can't get further detail. Guess I'll have to wait until the Cubs' website updates...

    JoePepitone 4 hours 12 min ago view
  • Attaboy!

    billybucks 4 hours 27 min ago view
  • Phil, thanks for posting. Where do find the schedule? I have a condo in Surprise, yet I drove to Mesa and Tempe looking for a game today! Thanks!

    rvimpeny 4 hours 28 min ago view
  • Dear Baseball Gods--
    My trip to Chicago has nothing whatsoever to do with the Cubs. In actuality, I am a Red Sox fan.
    Sincerely,
    CTSteve

    CTSteve 4 hours 29 min ago view
  • Well, if Strop had to give up a run...at least he hit Sean Rodriguez to do it.

    billybucks 4 hours 37 min ago view
  • strop...stawwwp.

    jaso has a cycle and 5 rbis...pit leads by 4.

    crunch 4 hours 49 min ago view
  • have a nice bowl of pizza soup deep dish pizza...or a leisurely walk around the notorious south-side (bring money)...shopping at one of the walmart supercenters...waiting in line to waste $20 at willis tower...

    seriously, though...it's chicago, a lot to do. have a dog for lunch, a great dinner, and catch some local comedy.

    crunch 4 hours 56 min ago view
  • Strange, because he really seemed to have the Pirates number last year.

    Bummer for Jake -- I think this is the first time all year his ERA has been over 3.00, and that will be his number for the year.

    billybucks 5 hours 11 sec ago view
  • Jinx remover -- your trip doesn't have to be for a baseball game -- lots of stuff to do here in town.

    billybucks 5 hours 2 min ago view
  • Guess they could always try to White Sox (and Bears...sob) approach: Never Rebuild! Seems to work pretty well for them.

    billybucks 5 hours 4 min ago view
  • 3rd time this season he's given up 6+ runs to PIT...only team he's given up 6+ runs to this season.

    7 runs is the most he's given up since august 6th in colorado...in 2014.

    crunch 5 hours 33 min ago view
  • Over 100 pitches, only the 5th.

    Brick 5 hours 35 min ago view
  • coghlan out...got his cleats stuck in the wall attempting a play (failed, but looked great doing it). walking off on his own, precautionary/day-to-day looking stuff...hopefully not worse.

    also, jake arrieta is literally worse than hitler. 1-5, bottom 5. ...make that 1-6, bottom 5. ...make that 1-7, bottom 5.

    crunch 5 hours 36 min ago view
  • Coghlan crashes into wall and comes up limping, looks like left knee or ankle. Leaves game...

    Arrieta inspiring no confidence yet again.

    Rob G. 5 hours 42 min ago view
  • from a sun-times article that I won't link to so you don't have to bear the ad-loading that will crush your browser

    When he left Boston after nine years as general manager, Epstein said he believed in the philosophy espoused by legendary football coach Bill Walsh: essentially that 10 years is a natural shelf life for a high-stress job.

    Rob G. 5 hours 44 min ago view