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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  • Very nice. I saw him in Lansing in May. I'm still stunned that he hit a 400-foot foul ball onto Larch Street ... which is going the other way for a right-handed batter. It was perhaps the most amazing swing I've ever seen a minor league player take. I should also mention that it was about 40 degrees out at the time. Not that it's evidence of anything per se, but I feel his plate approach is way more advanced than Soler was at this stage in his development and that the comparisons aren't really fair to Jimenez. 50/50 chance I'll go to Midland tonight for the low-A debut of Oscar de la Cruz.

    John Beasley 1 hour 19 min ago view
  • Eloy Jimenez grand slam tonight. Hoping Soler power returns and gets hot but future looks bright in the outfield regardless.

    Finished the night 4-5, with two doubles - 32(!) on the season - along with the grand slam. Sick

    Eric S 2 hours 41 min ago view
  • Meanwhile, out West:

    SF is 2-11 since the break, lead over LA is down to one game, and they are running out Cain and Peavy this weekend against the Nats. Challenging times by the Bay.

    billybucks 3 hours 28 min ago view
  • Thanks for the updates Phil. Too bad about Frazier.

    Hagsag 7 hours 23 min ago view
  • The Cubs have released RHRP Scott Frazier (2013 7th round dfraft pick - Pepperdine).

    A Cubs pitching coach told me in Spring Training 2014 that he thought Frazier had the best pure stuff in the organization. Absolutely electric fastball & breaking ball combo. Other pitchers would gather behind the screen just to watch him throw "live" BP. That's how amazing he was. 

    Arizona Phil 12 hours 32 min ago view
  • Got a chance to see Diamondbacks RHSP Zack Greinke (15-day DL - strained oblique) throw a rehab start at Sloan Park Friday night. Four of the first seven AZL Cubs hitters singled and the Cubs did score an unearned run in the bottom of the 1st inning, but then Greinke got serious and struck out five in a row.

    ZACK GREINKE: 3.0 IP, 4 H, 1 R (0 ER), 0 BB, 5 K, 4/0 GO/AO, 49 pitches (34 strikes)

    Arizona Phil 12 hours 46 min ago view
  • Have fun - It may be good for Arrieta to be facing a team that doesn't know him as well as the NL teams. A nice shutout would do wonders for his confidence. He is confident in public but baseball is hard and he could use a boost, I'm sure.

    Old and Blue 17 hours 38 min ago view
  • Me too. I'll be at the game tomorrow and would love to see Good Arrieta.

    Brick 18 hours 2 min ago view
  • Last few games have been the April version of the Cubs that disappeared completely the past two months.
    Hope they can sustain it.

    blockhead25 18 hours 29 min ago view
  • Don't sell yourself short, Judge.

    Jackstraw 18 hours 56 min ago view
  • I love this team.

    Looks like Mother Nature is trying to call this fight.

    Rob Richardson 20 hours 24 min ago view
  • Hey! I remember this team!

    billybucks 20 hours 32 min ago view
  • The key for Heyward's offense: get early leads. Heard a stat on Mike & Mike on the way to work that his avg/power much better this year when the Cubs have the lead. And true to form he gets the two run dinger with Cubs winning 3-0 ...

    Eric S 21 hours 59 min ago view
  • I'm sorry - I was probably not looking at the correct line, or spot, or...who knows!

    I could blame it on the weed, but I stopped smoking many years ago.

    Fortunately, I can rely on the rest of you sober and astute folks to bring the correct info forth.

    The E-Man 22 hours 26 min ago view
  • Oh yeah! It just felt like one for some reason.

    Old and Blue 23 hours 32 min ago view
  • Agreed. I was not including Fowler or Heyward.

    I'm just not a fan of 2016 Coghlan.....

    Dusty Baylor 23 hours 39 min ago view