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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  • "The Seattle Mariners have agreed to trade slugger Mark Trumbo to the Baltimore Orioles in exchange for catcher Steve Clevenger, a source confirmed to ESPN's Jim Bowden."

    yeah, that steve clevenger.

  • St Louis offered $30MM less than around $185MM or $26MM per year. When those type of numbers and details are released, it is rarely just pulled out of thin air. Sounds pretty legit that they put up a bit of a fight.

  • Where did you get 30ish number?

  • Close second to Ronny

  • Dumber than Ronny Cedeno?

  • runner-up seems to be as strong as in the bidding as it gets aside from winning the bid.

    STL has money to spend, but how much they were willing to spend was up in the air...and now they threw around a 30m-ish offer to a top FA pitcher.

  • You believe they were in the bidding, I have an ice rink on Clark to sell you

  • Oh God, no Adam Eaton he's dummber than a bag of wet hair. keep him awsy

  • Edit: Not advocating for Miller, just pointing out it has more legs than some of these other guys.

    There's this: (link is external)

    And this:
    Jerry Crasnick ‏@jcrasnick 6h6 hours ago
    #Braves are smitten with Jorge Soler, person said. Julio Teheran likely wouldn't get it done. Could Miller spark interest from #Cubs?

  • Jorge Soler:
    2016: $3M
    2017: $3M
    2018: $4M (or salary arbitration 2018-20)
    2019: $4M (or salary arbitration 2019-20)
    2020: $4M (or salary arbitration 2020)



    1. Carlos Carrasco
    2016: $4.5M
    2017: $6.5M
    2018: $8M
    2019: $9M (club option with $662,500 buy-out)
    2020: $9.5M (club option with $662,500 buy-out)


    - OR -  


  • wow, so STL is ready to throw 30m down on a pitcher? yow...that changes the offseason outlook a bit.

  • it seems greenkey is supposedly not going to be a cub so it leaves cueto or trade...or scrap heap.

    rather than 1000000 articles linking the cubs to zimm/price, that leaves 10000000 articles about heyward to be written (and therefore soler-trade speculation).

  • Guess who was runner-up in the Price is Right?

  • the more pieces that fall, the more it seems like soler is going to be playing in ATL next year.
    Not a fan of ex-cardinals. It was tough enough watching Jim Edmonds.
    Hope they don't go after Shelby GT Miller

  • greenkey, cueto...or...umm...a trade with ATL?


    i haven't heard the cubs linked to greenkey, but there were 100000 articles about whether the cubs would be snagging zimmerman or price.

    the more pieces that fall, the more it seems like soler is going to be playing in ATL next year.

  • Price to Bosox 7/217

    According to Rosenthal and boston globe

    Sorry for the hijack, Phil.

    ~edit~ op out after year 3, no money deferred