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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  • Brewers just claimed him

    johann 33 min ago view
  • Before Wood,Strop, Rondon yesterday

    Elias: 99 yrs. since a bullpen threw at least 7 perfect innings. last time 6/23/17 by Boston. Ernie Shore retired last 26 after Babe Ruth ejected for arguing balls and strikes after walking lead off hitter. Runner was caught stealing.

    jacos 2 hours 26 min ago view
  • CUBBIES-4-EVER: It's not ten days including the day the player was Designated for Assignment, it's ten day from the day the player was Designated for Assignment. 

    So because Neil Ramirez was Designated for Assignment on 5/21, the deadline to either assign the player to another club (MLB or minor league) or release the player is 5/31 (today). 

    Arizona Phil 5 hours 41 min ago view
  • AZBOBBOP: No updates. 

    Arizona Phil 6 hours 22 min ago view
  • Phil, any updates on eight Oscar de la Cruz or Luis Hernandez?

    azbobbop 15 hours 55 min ago view
  • One miscommunication in outfield and the Cubs would have another no hitter

    jacos 17 hours 6 min ago view
  • Bruce Levine [email protected]

    Sex Fowler out with sore heel

    Pretty epic nickname

    johann 17 hours 38 min ago view
  • Mike Olt lives!

    The E-Man 18 hours 12 min ago view
  • Screw the closer.

    Old and Blue 20 hours 4 min ago view
  • He's had so few save opportunities that it might be difficult for him to get the All Star nod but Rondon has an absolutely ridiculous 1.05 ERA and 1.06 FIP after this game so far (and I think his worst outing was in the 10th inning non save situation) so I do absolutely think he is worth considering.

    johann 20 hours 7 min ago view
  • wood(4)/grimm/strop/rondon combine for 7ip 0h 0bb 8K

    nasty.

    crunch 20 hours 21 min ago view
  • 3ip 0h 0bb 3k for t.wood...nice.

    28 pitches.

    wonder if they'll let him go another.

    4ip 0h 0bb 4k...and probably done f'real this time. 43 pitches and in line for the win.

    crunch 21 hours 9 min ago view
  • And stay off the keyboard too

    Eric S 21 hours 18 min ago view
  • Depends how long he'd be gone but if not too long I would assume they'll use Wood or Cahill and limit them to 4 or 5 innings and call up a reliever to use in the bullpen.

    johann 21 hours 36 min ago view
  • hopefully it's a carlos-zambrano-special and he just needs to drink more water and less coffee+redbull before starts.

    crunch 21 hours 42 min ago view
  • Assuming Hammel needs some DL time for the hammy, who do the Cubs call up: Glasnow or Taillon? Too many starting pitching prospects at Iowa to choose from.

    Eric S 21 hours 45 min ago view