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.
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
...and we're back from the 3rd rain delay.
at least the cubs have a decent backup of...ummmm....well the minor league system has...uhhh...hmmm.
maybe adam warren can manage to throw less than 100 pitches in 5 innings? no?
Not to worry -- I'm sure Hammel will finish strong in the 2nd half of the season (~sad chuckle, reaches for Scotch bottle~).
Hammel has had a rather challenging last month. I am hoping post-break that Hendrix gets pushed ahead of him. They'll be lucky to win a game in NY
hey, alright...cubs losing by 9 and a 3rd rain delay. awesome.
If baseball does not work out for Patton, I think he's got a future in Civil War re-enactments. He's got a solid Johnny-Reb look to him.
David Ross - the mound awaits you.
RIP jason hammel's awesome ERA.
10 ER in 4ip...almost a full point tacked on tonight, alone. 5HR given up tonight. oogly.
Nimmo certainly does not want to see the Cubs leave town. His first MLB rbi last night and now his first HR.
At least Hammel is eating some innings ... this is the kind of game Peralta should be used if at all.
OK, the hell with it.
It's July 1 -- Hammel starting to suck right on schedule.
Other than sweeping the Reds -- a bad team actively trying to lose -- this will make 8 losses in 9 games to good teams (Cards, Marlins, Mets). Not good at all.
Belicheat a consultant for the Red Sox?
And, so, Jason Hammel decides to test my new resolution right away. Sheesh.
No Wright, no Duda, no Granderson -- no problem for NY. Ugh.
game restarting...degrom on the mound, hammel taking his AB.
Indians extend their streak.
Darwin Barney gets tagged with the loss.
delayed until 7:20 -EST- (tarp off the field)...
CLE/TOR in the top 18th in case you're bored. 2nd baseman r.goins pitching for TOR...hit 90mph so far. 1ip 2h 1bb 0k, 0 r/er (bb was ibb). he threw a fastball/change mix. crowd loved it. d.ross is not impressed.
d.barney strands j.lake at 2nd in the bottom 18 for the
cubsbluejays...to the 19th!
-cubs game has begun-