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.
  • Happ was the #9 pick last year, and he moved from OF to 2B in the same offseason that Castro was traded.

    Gleyber also in the picture at second.

    VirginiaPhil 2 hours 24 min ago view
  • jacos 2 hours 44 min ago view
  • Co-sign

    Ryno 2 hours 44 min ago view
  • Transmission 2 hours 53 min ago view
  • O&B: I think D. J. Wilson is a legit MLB prospect.

    He is a hyperactive dynamo on the field, a protypical lead-off hitter who is looking to get on base any way he can, a triple machine (if there is such a thing) when he does make solid contact, a daring baserunner who goes berserk once he is on base, and a CF who plays a "no fear" crash & burn style of defense.

    Guys like that sometimes get injured more-often than the average player, but if he can stay healthy and continue to progress, I believe he will be an MLB CF, or at worst a 4th OF. 

    Arizona Phil 3 hours 5 min ago view
  • The hot start was nice, but it won't always come easy. It's nice to see them have to work for it every once in a while.

    Ryno 5 hours 12 min ago view
  • Hey, AZ, are you as high on DJ Wilson as your pal John Arguello is?

    Old and Blue 5 hours 30 min ago view
  • Phil, I just wanted to say thank you for diligently tracking the Cubs prospects in extended spring training and sharing your knowledge with us. It's remarkable how you're able to keep box scores for multiple games at once. I, and I'm sure others here, appreciate the data and insight you provide for us.

    K Dub 8 hours 23 min ago view
  • Thanks PHIL.

    Boy, that is a nifty K:BB ratio Hudson has going at almost 4:1!

    I hope he continues improving.

    The E-Man 14 hours 21 min ago view
  • And of course the Bucs won again playing AZ (not PHIL). They dont seem to have a problem yet with the bottom feeders.

    They picked up 3 games this last week.

    I'm looking forward to them coming to the Chi.

    The E-Man 14 hours 49 min ago view
  • Don't mess with the SI jinx. Since the Javy/Cubs cover came out, he is 2-for-20 with no walks.

    billybucks 14 hours 59 min ago view
  • BRADSBEARD: If all three are assigned to Eugene, the Cubs can play Galindo, Paredes, and Paniagua at the same time by moving Paredes between SS-3B-DH, Galindo between 3B-1B-DH, and Paniagua between 1B-LF-DH. 

    The Cubs like to have their players (including their minor leaguers) learn to play more than one position even if they eventually are projected to settle at one spot, and I suspect that will be reflected at Eugene, with just about everybody who will be assigned there able to play at least two positions. 

    Arizona Phil 15 hours 20 min ago view
  • Thanks - at least the scorer was consistent

    Eric S 15 hours 33 min ago view
  • I don't think the error call was completely out of the blue but the ball took a very bad hop and would have taken a very good play to get it. Same with one of the Stella throws where I think it could have easily been ruled a hit. Neither were cut and dry calls though imo.

    johann 16 hours 2 min ago view
  • chased a high fastball...

    I think his BABIP during his run has been around .950

    Rob G. 16 hours 19 min ago view
  • Great stuff CubbyBlue!!! I think it inspired today's six spot as well.

    Eric S 16 hours 22 min ago view