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

Subscribe to Recent comments
The first 600 characters of the last 16 comments, click "View" to see rest of comment.
  • Looks like no Heyward or Rizzo in the lineup today.

    Rob Richardson 5 min 26 sec ago view
  • HAGSAG: Kevonte Mitchell has shown some improvement in 2016. He takes a lot of walks, shows occasional power, and he's an athletic defender capable of making the big play in the OF.

    However, he strikes out way too much, he doesn't always take the most-direct-route to get to balls hit into the air, and he sometimes runs himself into outs on the bases. He is still very raw.  

    Arizona Phil 5 min 56 sec ago view
  • E-MAN: I don't think Dallas Beeler has a long-term future with the Cubs, but (when healthy) he has gotten the call over the past couple of years as the "26th man" when the Cubs needed an extra starter in a doubleheader. 

    Arizona Phil 20 min 41 sec ago view
  • PHIL: Thanks for the wrap. A 2010 early-ish round Hendry draft pick, why do you surmise the new management team just doesn't cut bait on Beeler? Not shown that much as a starter. Does he have a power arm when right? Is he another Schlitter? Or, is he rosyer filler while the org waits out the lower-level arms to surpass him?

    The E-Man 1 hour 6 min ago view
  • Ryan Kellogg is still a fringy prospect despite being very old for low-A. He's putting up very good numbers no matter who he's facihg.

    John Beasley 4 hours 23 min ago view
  • Great article on Yosh and Nobe. Thanks for including it Trans.

    Hagsag 4 hours 41 min ago view
  • Phil, it looks like Kevonte Mitchell has made some progress this Spring. Your thoughts please, thanks.

    Hagsag 4 hours 46 min ago view
  • so far ryan williams (AAA) is the only system prospect on the "could be ready soon" horizon doing well...that said, he's not very exciting and he's assumed to be an end-rotation talent at best.

    paul blackburn is getting great early returns in AA, but he's getting surprisingly low K numbers doing it. he throws lot of low/sinking stuff with good control...also assumed to be an end-rotation guy, but he's got room to be better, especially given his control as base to build on.

    crunch 10 hours 2 min ago view
  • Speaking of pitching -- another ugly outing for Underwood at AA. Through 6 starts: 5.19 ERA, WHIP 1.69. Yikes!

    Man, do we need starting pitching depth. Our best hopes are still hanging with AZ Phil in Arizona. Very scary.

    billybucks 11 hours 12 sec ago view
  • jeebus... that's terrible.

    Ryno 12 hours 1 min ago view
  • *clap* *clap* *clap*

    Brick 14 hours 2 min ago view
  • Thanks AZ. If you like him, I like him.

    Old and Blue 14 hours 56 min ago view
  • Awesome report, and good to see Beeler on his way back.

    I'm also very happy to hear about the bi-level bump for Daniel Lewis. In the Name of Theo, he was the Last of the Full-Season Cuts, and There Will Be Blood for those who unnecessarily slow his development. Sure, he might end up in independent ball pitching for Lincoln. But if everything breaks right, he may even have a shot at joining up with the Gangs of Chicago. I wouldn't bet My Left Foot on it, though.

    John Beasley 15 hours 23 min ago view
  • CHARLIE: The Cubs did the same thing with LHSP Eric Jokisch last month, and it has nothing to do with needing the player's 40-man roster slot. 

    The hope is that another MLB club will claim the player, so that you aren't on the hook for any termination pay (which you would be if you release him) AND you pick up $20,000 from the claiming team, all for a guy you don't want going forward anyway.  

    Arizona Phil 15 hours 26 min ago view
  • Moosetacos, I like it. All I can think of is a bearded lumberjack dude operating a Mexican style taco truck with a Canadian accent.

    Sonicwind75 16 hours 1 min ago view
  • How strange is this for May? Is it insignificant, or does it suggest some sort of trade might be in the works?

    Charlie 16 hours 7 min ago view