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.

Recent comments

Subscribe to Recent comments
The first 600 characters of the last 16 comments, click "View" to see rest of comment.
  • Screw the closer.

    Old and Blue 16 min 51 sec ago view
  • He's had so few save opportunities that it might be difficult for him to get the All Star nod but Rondon has an absolutely ridiculous 1.05 ERA and 1.06 FIP after this game so far (and I think his worst outing was in the 10th inning non save situation) so I do absolutely think he is worth considering.

    johann 19 min 58 sec ago view
  • wood(4)/grimm/strop/rondon combine for 7ip 0h 0bb 8K

    nasty.

    crunch 34 min ago view
  • 3ip 0h 0bb 3k for t.wood...nice.

    28 pitches.

    wonder if they'll let him go another.

    4ip 0h 0bb 4k...and probably done f'real this time. 43 pitches and in line for the win.

    crunch 1 hour 22 min ago view
  • And stay off the keyboard too

    Eric S 1 hour 31 min ago view
  • Depends how long he'd be gone but if not too long I would assume they'll use Wood or Cahill and limit them to 4 or 5 innings and call up a reliever to use in the bullpen.

    johann 1 hour 49 min ago view
  • hopefully it's a carlos-zambrano-special and he just needs to drink more water and less coffee+redbull before starts.

    crunch 1 hour 55 min ago view
  • Assuming Hammel needs some DL time for the hammy, who do the Cubs call up: Glasnow or Taillon? Too many starting pitching prospects at Iowa to choose from.

    Eric S 1 hour 58 min ago view
  • "cramping in right hamstring" according to the booth.

    btw, it was his left hamstring that was injured last year.

    crunch 1 hour 59 min ago view
  • hammel is injured and done..."leg cramp" or some other leg issue...was down behind the mound coming back from commercial and seemed to have injured himself warming up on the mound between innings.

    crunch 2 hours 21 min ago view
  • heyward with a bit of starlin castro disease...you're great D dude, but you can't range 200ft in all directions even if you're playing CF.

    that said, he almost had it...though zobrist or baez should have had it if heyward wasn't coming on at 100mph.

    hammel is quite wild today even if he got the first 2 outs on Ks that were result of swinging through stuff not in the zone.

    crunch 3 hours 5 min ago view
  • she did fine, fwiw.

    bombs were bursting in the air...ramparts were watched...all that stuff.

    zoobrest kissed her afterwards and got about 20lbs of the 100lbs of makeup she was wearing on him.

    crunch 3 hours 17 min ago view
  • Cards still haven't been punished for hacking, "unlikely" to happen before June draft. http://bit.ly/1U8sEYL

    CubbyBlue 3 hours 55 min ago view
  • i'd settle for him knocking it out the park...not settle, prefer...yeah.

    crunch 5 hours 14 min ago view
  • I'm sure she'll knock it out of the park.

    Old and Blue 8 hours 28 min ago view
  • Nice article on Willson Contreras in the DesMoines Register

    http://www.desmoinesregister.com/story/sports/base...

    Cubster 8 hours 49 min ago view