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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  • ...and we're back from the 3rd rain delay.

    crunch 59 sec ago view
  • 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?

    well damn.

    crunch 8 min 46 sec ago view
  • Not to worry -- I'm sure Hammel will finish strong in the 2nd half of the season (~sad chuckle, reaches for Scotch bottle~).

    billybucks 14 min 22 sec ago view
  • 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

    The E-Man 33 min 41 sec ago view
  • hey, alright...cubs losing by 9 and a 3rd rain delay. awesome.

    crunch 43 min 39 sec ago view
  • 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.

    Eric S 47 min 39 sec ago view
  • David Ross - the mound awaits you.

    Eric S 55 min 17 sec ago view
  • RIP jason hammel's awesome ERA.

    10 ER in 4ip...almost a full point tacked on tonight, alone. 5HR given up tonight. oogly.

    crunch 58 min 10 sec ago view
  • 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.

    Eric S 1 hour 6 min ago view
  • 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.

    billybucks 1 hour 10 min ago view
  • Belicheat a consultant for the Red Sox?

    Eric S 1 hour 31 min ago view
  • And, so, Jason Hammel decides to test my new resolution right away. Sheesh.

    No Wright, no Duda, no Granderson -- no problem for NY. Ugh.

    billybucks 1 hour 37 min ago view
  • game restarting...degrom on the mound, hammel taking his AB.

    crunch 1 hour 58 min ago view
  • rain delay...bah.

    crunch 3 hours 4 min ago view
  • Indians extend their streak.

    Darwin Barney gets tagged with the loss.

    Mornington Crescent 3 hours 11 min ago view
  • 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 cubs bluejays...to the 19th!

    -cubs game has begun-

    crunch 3 hours 25 min ago view