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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  • Not certain why the site has been slowed. Worked much of Wednesday on it and will continue today. Sorry for the inconvenience. I will probably take it offline for a while, but it will be up before the game against the Mets.

    WebAdmin 3 hours 16 min ago view
  • Mine has been really slow to load -- on different computers from different locations.

    JoePepitone 5 hours 37 min ago view
  • Anybody else have issues accessing the site this afternoon/evening?

    Eric S 6 hours 38 min ago view
  • Boras is 63, maybe he'll be retired or dead by the time Bryant, Russell, Almora, Albertos all hit free agency. Doubt he will be before Jake hits there though.

    cubbies.4ever 9 hours 59 min ago view
  • Interesting choices when guys get healthy.

    LaStella, Fowler & Soler replace Coghlan, Almora and Sczcur? I assume they don't want Almora to sit.

    Despite MIggy's demise, I assume they keep him around to mentor Contreras?

    billybucks 11 hours 12 min ago view
  • I believe Willson now has more CS than MIggy. The kid has an arm. Also, Russell is amazingly good on those plays at 2nd.

    billybucks 12 hours 23 min ago view
  • oh yeah...thanks joe/billy.

    poor outing, still got the win, go cubs.

    crunch 13 hours 2 min ago view
  • Although it felt like it, Jake didn't lose to them -- he got the W. (Assuming you are referring to Monday's game)

    billybucks 14 hours 42 min ago view
  • Arrieta didn't lose to the Reds. He got the win -- he just didn't pitch like we expect him to.

    JoePepitone 14 hours 43 min ago view
  • almora's 1st HR!

    crunch 14 hours 51 min ago view
  • it's not like this CIN team is lost-cause horrible, but aside from defense and power this is a truly horrible team.

    kinda crazy arrieta lost to them and yesterday's game had to go 15 innings for the cubs win.

    crunch 15 hours 6 min ago view
  • It looked like Hamilton got screened by Duvall and that Duvall just barely deflected the ball off of his glove--redirecting it slightly without taking away much of its momentum.

    At least it didn't turn into a Schwarber/Fowler situation. Hamilton and Duvall are both pretty important youngish players for the Reds.

    Charlie 15 hours 14 min ago view
  • he walked off the field on his own. aside from a concussion watch and some attention to his leg/knee that buckled a bit under him, the biggest thing hurt was probably his pride after the ball knocked off his skull.

    crunch 15 hours 33 min ago view
  • After last night, an inside-the-park HR seems kind of run-of-the-mill somehow.

    Sounds bad for Hamilton. Hope he's okay--listening on the radio.

    Brick 15 hours 50 min ago view
  • SHOW ME THE MONEY: Jose Albertos has signed with Mega-Agent Scott Boras.

    Albertos has already received his signing bonus and won't see any additional significant money until he reaches the big leagues, so this is a long-term investment for the Boras Corporation.  

    Other Cubs represented by Boras include Jake Arrieta, Kris Bryant, Addison Russell, and Albert Almora Jr. 

    Arizona Phil 15 hours 57 min ago view
  • I am glad Joe is managing this team and not Old and Blue!

    Hagsag 18 hours 19 min ago view