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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  • Chapman shouldn't be reserved anymore on 40 man.

    chitownmvp01 1 hour 58 min ago view
  • Interesting split on Heyward according to ESPN. As a CF, his slash line .292/.363/.375/.738. At RF: .212/.204/.300/.604. 21/72 as a CF, 58/273 as a RF.

    He's also been better when batting 2nd, but he had a nice start in the 6 hole, but has slumped ever since. He was heating up before the All Star break, but is only hitting .108 in the 2nd half.

    chitownmvp01 2 hours 6 min ago view
  • When we played the Reds with Chapman, I always thought of it as an eight-inning game. So now other teams have eight innings to try to get a lead against the Cubs. Should be a challenge, assuming three or four Cubs ever start hitting again.

    I don't really try to get to know and like these players personally. I'm rooting for laundry, for the most part. Exceptions might be when a player makes trouble in the clubhouse or in the dugout. (Zambrano and Bradley come to mind. Also Papelbon.) But I don't think Chapman is one of those jerks.

    VirginiaPhil 5 hours 39 min ago view
  • Unfortunately, a pretty good summary. It looks like next year Heyward will be getting yet another batting stance adjustment.

    The recent good news has been Baez. I'm afraid about the next league adjustment on him, though, which is probably right around the corner.

    Bryant I don't worry about too much. Just not seeing the ball well right now. He'll turn it around. Russell's been good with men in scoring position all year and he's 22ish. He'll be fine but next year is likely to be his breakout year.

    Old and Blue 7 hours 42 min ago view
  • If Travis' back-to-back-to-back walks cost Hendricks the ERA title, that would really suck.

    billybucks 16 hours 44 min ago view
  • Edit: "A lifeless loss to a lousy Sox team."

    billybucks 17 hours 27 min ago view
  • This place is a real downer after a loss to the Sox.

    Charlie 17 hours 38 min ago view
  • I expect they will go 5-9 games above .500 the rest of the year. 96-98 wins will win the Division.

    They should have one more 2-3 week hot streak in them.

    However, several players are just "average" for the last month: Zobrist, Ross, Russell, Ceasar. Montero is terrible, plus he cannot throw anyone out. -WAR. Heyward is abysmal at the plate, but a plus in the OF. Still with RISP he has been terrible. KB has not been driving in runs as of late. But Apparently the team is still above average with RISP according to S Sahadev.

    The E-Man 17 hours 45 min ago view
  • I came to that realization tonight. I kept expecting them to play better, but now I realize they aren't going to. They are a .500 team now.
    - They have one reliable starting pitcher. Jake's magic is gone, and it doesn't look like it's coming back. Lester has been lousy recently. Lackey's ERA goes up every time he pitches.
    - Heyward has been dead weight all year. I can't remember a single series where he was a significant offensive contributor. Not one. Great defense, but but if he were hitting .270 with 10 HR and played average defense, the Cubs would be better off.

    billybucks 17 hours 48 min ago view
  • new rule...no one's allowed to throw k.bryant a changeup

    crunch 17 hours 59 min ago view
  • Team is .500 since early May and is playing like a .500 team. Lack of offense seems to be putting a lot of pressure on the pitchers...and they aren't handling it terribly well.

    .500 the rest of the way still may win the division though.

    blockhead25 18 hours 5 min ago view
  • ...i hate espn.

    nothing like settling into a cubs game to get a few minutes cutaway for an ortiz AB in the 6th inning of the det/bos game.

    oh, at least they're doing split screen now...i guess.

    crunch 18 hours 21 min ago view
  • I'm liking this rookie Nathan.

    CTSteve 18 hours 21 min ago view
  • Richard DFA'd. Meh...

    The E-Man 21 hours 12 min ago view
  • Throwbacks with fashionable cutouts would be a nice touch.

    Charlie 23 hours 45 min ago view
  • The next 2 games are nationally televised. I think we dominate tonight, hitting 3 HRs off Shields. Great night for KB to end HR drought facing HR prone pitcher in one of the most hitter friendly parks in the league.

    chitownmvp01 1 day 18 min ago view