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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  • Yes!!!

    Thanks crunch!!

    It's mesmerizing

    jacos 4 hours 34 min ago view
  • 5 HR in his last 5 games (3, 1 run...1, 2 run)

    sure, 3 HR were in colorado, but 2 were in night games in SD. that evens out somehow.

    crunch 5 hours 23 min ago view
  • Good work!

    John Beasley 6 hours 56 min ago view
  • crunch 13 hours 33 min ago view
  • My guy Addy

    jacos 13 hours 34 min ago view
  • oh, another a.russell HR...whatever.

    crunch 13 hours 48 min ago view
  • Dylan Cease throwing gas tonight for the Emeralds. In first three innings, has hit 100 mph six times, averaging 98 mph

    Eric S 14 hours 7 min ago view
  • Can I get a gif of Joe West's jowls waving as he chews gum?

    /Asking for a friend

    jacos 14 hours 31 min ago view
  • my gawd...that castillo-to-bryant pickoff was a thing of beauty. the knock on him in the minors being slow out of the crouch is looking less like a thing.

    crunch 14 hours 43 min ago view
  • bless your heart. *pinches cheeks*

    crunch 19 hours 39 min ago view
  • real shame I missed this week's episode of The Crunch Reporter.

    It's highly unusual.

    It does matter a little.

    It matters much less than you think.

     

     

    Rob G. 19 hours 42 min ago view
  • four winds field is awesome. it's crazy how minor league parks have "grown up" since the 80s/90s and that park was one of the late-80s models that showed a low-capacity ballpark could look like you're at something other than a highschool baseball game.

    crunch 20 hours 47 min ago view
  • On another topic....I returned to South Bend last night for the 2nd time this season (still haven't tried either the deep-fried mac & cheese sandwich nor "The Porknado", as the drive home is over an hour and that could get ugly), and was pleasantly surprised to find D. Underwood pitching in a rehab start. He looked good -- although, to be fair, these are low-A hitters -- fastball consistently at 94-95 (if the SB scoreboard is to be believed -- several pitches were clocked in the 30s...) and with good location.

    billybucks 21 hours 56 min ago view
  • he gains nothing, no advantage, no saving of resources, nothing...there is not a cost/benefit tradeoff...him letting the running game go on around him for others to control isn't gaining him an advantage elsewhere. it's putting him at a disadvantage even if it's not cashed in with a run.

    crunch 1 day 36 min ago view
  • And out of respect for the rest of TCR, I'm done on this. I'm sure I'm not the only one in the other camp, but time to let it go. (Until the next Lester start. I kid.)

    #baseballtalk

    Tito 1 day 39 min ago view
  • He is putting himself at a disadvanage. But how much of one relative to the rest of his game? He's not Justin Germano -- he's inarguably one of the best SPs in baseball, issue or not. It would be more of thing to discuss ad nauseum if it constantly caused him to give up runs and lose games. But it doesn't.

    #baseballtalk

    Tito 1 day 49 min ago view