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



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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  • May their next game go 26 innngs..and get suspended.

  • Hear Hear!

  • So many memories from this game -- Javy's HR, Grimm's Ks, Soler's throw, Schwarber's ridiculous bomb, Strop overcoming his demons, Lackey screaming at himself after giving up the hit to Hammel....just awesome stuff.

  • dodgers win...1 more game of pitcher use on the mets and dodgers (degrom + greenkey)

  • maddon is easily one of the best managers out there, that's why he's getting paid huge for someone that doesn't have to rent/own in NYC/LA.

    for the most part there's 2-3-5 of guys on that level, and 25-28 other teams trying to find a guy who's capable. they can also go out of favor rather quickly (m.sciossa recently). last year's NL MOY didn't make it a full year into 2015 before getting fired.

    no matter how one feels about how it could have been done cheaper with less commitment, we only know how this way is working out. it's been awesome so far.

  • Agree. It could not be more perfect that we beat the Cardinals in this ascendant season of all seasons, and in the first postseason series we ever saw them in.

  • I think all we can say is, "Okay, let's go on to the next series and see what happens." And how indescribably awesome is it to be able to say that on this date in this year.

  • Thanks, O&B. So funny about our age. Let's just say- I have always wondered why Durocher didn't give Hundley a few days off when he had Gene Oliver and John Boccabella on the bench.

  • Strop K'ing Peralta to start the 8th, given their history -- what a fantastic moment! And Javy bouncing back -- big time -- form yesterday's games.

    Contributions from literally everyone in this series -- Soler and Schwarber were off the charts -- Miggy's pick-off was awesome.

    This team is just so much damn fun.

  • Wish I knew how to post a pic. Both CUBSTER & I in attendance. I finally feel like some demons have been vanquished, and there is some magic here.

    Joe Maddon is far and away the best manager I have seen work for my team.

  • pretty much this. also, a magician.

  • Madden brought it in some lions and sharks to Wrigley Field and let them eat people

  • What did I miss?

  • I think Strop deserves a very special mention. He had so many struggles against the Cardinals but pitched two successful and very high pressure innings the last two games against them and looked nasty doing so.

  • How about this, the Cubs are 10-1 over the last 3 weeks.

  • I was thinking about it earlier that the Cubs are 101-66 and the Cards 101-65...but, does anyone outside of the two of us ever calculate records including post season? Don't think I've seen that ever before.