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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  • who's this guy being all reasonable and stuff?

    pick someone on the board who's literally worse than hitler and start screaming about it. cubs 2016!

  • It's not pathetic -- it's what we've been waiting for!

  • Yikes -- I was off the site for a short while and it blew up.

    Gentlemen -- it is apparent that Lester has a weakness in his game. Everybody knows about it. He has, apparently, tried to work on it, but without success. Fortunately, he is talented enough that he is able to largely overcome his shortcoming.

    I am amazed that other teams don't try to bunt on him, but, as has been said, bunting is not a skill many players have.

  • Interesting that Hendricks is going tomorrow -- so, he wasn't really "skipped", just moved back a few days so Jake and Lester could deal against the Pirates. I'm OK with that.

  • PHIL: Thanks for your updates.

    One thing that we are seeing come to bear is that Theo's obvious strategy has been to stockpile young, power arms in the lower levels while owning bats that are much nearer to MLB ready - then, buying the arms the org needs in order to be highly competitive.

  • It's fun to watch the cards shit the bed anytime of the year

  • I really thought he would be the one getting the call-up. This must be a favor to the player from Theo.

  • I'm already scoreboard watching and it's only the start of May. How pathetic is that?

  • Glad to see Hudson having another good outing. He is so impressive for an 18/yo. Surprised to see Shane V. still there. I thought he would be gone this week. I can picture today. Thanks Phil!

  • stats don't lie. *nods*

  • 2016 Cubs are 0-1 on day after Trans recaps, 20-5 in other games. I enjoy his recaps, but there is a price to pay.

  • He's the Albert Pujols of recaps and has gotten a huge contract based on past performance. He doesn't need to do anything the rest of his days and he'll still get love.

  • I thought he was one-and-done on recaps?

    Didn't he get Optioned?

  • Link?

    /I keed

  • Thank you very much for such a robust response. So hard to get anything on these guys that it's nice to hear from someone who has actually seen them. Great to hear about Paredes, I have pretty high hopes for this group of IFAs.

    How impressed are you with these guys and size? I know they're pretty large prospects, especially for their ages. I consider size a plus at this stage - IIRC Amaya is the only one below 6'2"? IIRC Kwon had some baby fat on him it, Sierra's traditionally considered projectable as he's all arms and legs, Paredes has that Peralta build at SS....

  • Godzilla won in the Japanese version, Kong swam off in the American one. At least I think that's how it went....Rematch in 2020, possibly!