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

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  • Can't get soft just because we have a big lead!

    billybucks 31 min 49 sec ago view
  • kershaw will be lucky to put in 160+ip. even though it projects to be an awesome 160+ip it's going to be extremely difficult for him to do much with that. he's still got minor league rehab game(s) to go through and he's only stretched out to 2ip with his last simulated rehab...it may take another couple weeks before he returns.

    the numbers are awesome, but he's lost the equivalent of a good chunk of a top-tier pen arm's season in innings of work compared to the rest of the lot.

    crunch 43 min 5 sec ago view
  • Kershaw, Fernandez and Syndergaard are your current leaders and all will be pitching meaningful games down the stretch that could make or break them. Hendricks will not be and his saber-numbers aren't anywhere close to those 3 and he'd split votes with Arrieta and Lester whom all are basically neck-and-neck for  WAR and FIP. If Kershaw pitches like just okay Kershaw in September he deserves to win in a landslide. Voters are pretty much saber-inclined now so it would take a crazy shutout streak or something for Hendricks to jump in the picture.

    Rob G. 9 hours 11 min ago view
  • AZ PHIL: With starters the likes of Edwin Jackson, even Chris Rusin or Michael Bowden could look good on their staff. At best, he is a #5-6. But as always, LH are at a premium.

    The E-Man 10 hours 41 min ago view
  • Sure we would all want consistency. He is not even 24, has played 5 (!) positions this year. Can you imagine what is in his head? He was only a part-time player at 2 spots last year. And THEN think about hitting?? Cut him some slack...You sure are picky lately. First wishing #6 NL RBI guy Russell have a better average, and now an "unncessarily fancy pick". Geez tough crowd!

    The E-Man 10 hours 45 min ago view
  • it's going to be hard to take down scherzer.

    kershaw is supposedly coming back soon, though he'll probably need a good amount of deep innings to match up with scherzer...probably too late at this point. tanner roark, bumgarner, and hendricks are probably going to steal some votes along with kershaw.

    crunch 11 hours 14 min ago view
  • I absolutely love Javy's game, and I love the way Maddon changed the perception of him as a ballplayer, but I really wish he would just make the routine plays routinely. On the ground ball in the 9th, he made an unnecessarily fancy pick. He made the play, but tried the same thing last night and made an error.

    billybucks 11 hours 35 min ago view
  • How many wins does Kyle need for serious Cy Young consideration? Would 17 be enough if he leads the league in ERA? My goodness, what a season -- makes a Dartmouth alum proud.

    billybucks 11 hours 38 min ago view
  • jacos 11 hours 41 min ago view
  • hendricks WHIP drops to 0.98 over 159 innings after throwing 7ip 3h 1bb 4k, 0r/er

    ERA down to 2.09 on the season.

    crazy good.

    crunch 12 hours 3 min ago view
  • I am pretty well fed up with the majority of home plate umps. Just terrible inconsistencies.

    The E-Man 12 hours 6 min ago view
  • Oh shit forgot about that
    Shark and Sczur right?

    jacos 12 hours 20 min ago view
  • Yes, football player?- check.

    The E-Man 12 hours 28 min ago view
  • jacos 12 hours 41 min ago view
  • If it was 2006 Hendry would be there w a Bible and a contract
    https://mobile.twitter.com/Ken_Rosenthal/status/77...

    jacos 15 hours 14 min ago view
  • he subscribes to my twitter, he's beyond TCR. #yolo #swag

    crunch 15 hours 52 min ago view