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

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  • 1. Mets--because of the losses in the rotation
    2. Giants--because they're not the team they were BUT they maybe have bullshit even-year magic?
    3. Cardinals--because rivalry and not making the playoffs hurts them more than losing in the NLDS plus getting eliminated by them in the playoffs would make for horrible sports commentary next throughout next season.

    Charlie 1 hour 41 min ago view
  • Who's asking?

    jacos 1 hour 43 min ago view
  • #TeamEntropy

    http://www.si.com/mlb/2016/09/30/team-entropy-update-wild-card-races-al-...

    CLE/DET rained out last night already, possible rain-outs in New York (vs. Baltimore), Boston(vs. Toronto) and Philly(vs. Mets) this weekend too.

    Not only games involving playoff spots that would need to be played, but any that involve home field advantage.

    Rob G. 1 hour 52 min ago view
  • I got the first one! Second one I'm not even sure what even/odd betting is.

    johann 2 hours 38 min ago view
  • any opponent preference for NLDS?

    Mets are down to 1 great pitcher instead of 4. Syndegaard may pitch Sunday which means if Mets win the WC game, he'd be set up for Game 1. There's a chance they clinch a spot by Sunday so he'd pitch the WC and then we'd probably get Colon for Game 1. They've certainly had the hottest bats over the last week and month out of the WC options.

    Rob G. 3 hours 38 sec ago view
  • Rob Richardson 8 hours 4 min ago view
  • Can't teach height and thinness

    jacos 9 hours 59 min ago view
  • Hopefully Pirates don't call up A. Lincoln.

    jacos 19 hours 30 min ago view
  • j.buchanan going friday...should be...baseball...or something like it.

    crunch 19 hours 37 min ago view
  • Wow. I didn't know they could do that.

    Nice for Willson, not so much for Addy.

    billybucks 19 hours 53 min ago view
  • Game is officially called...also officially a tie.

    Stats count, no make-up date of course.

     

    Rob G. 19 hours 55 min ago view
  • Yeah -- seeing the weather -- I hope KB and Rizz are inside, wrapped in blankets and drinking hot chocolate.

    billybucks 20 hours 42 min ago view
  • rain delay...thanks obama.

    crunch 21 hours 20 min ago view
  • Thanks again Phil. We actually were in Mesa and drove around. Hopefully, I am back for some Fall League. If not I have all of spring training (like the smart people who move here!)

    rvimpeny 22 hours 24 min ago view
  • What Rob G said.  I can't speak for Piittsburgh, but the other end of the state has had absolute crap weather for two days. Perfect day to take it easy.

    Transmission 22 hours 27 min ago view
  • tarp came off 10 minutes ago...let's do this.

    crunch 22 hours 41 min ago view