Sale of Cubs May Be Completed Before End of Civilization
Some more news has trickled out on the impending sale of the Cubs and Sam Zell is hinting that the Ricketts may not be the new owner afterall (emphasis added).
"These are very difficult times. These are difficult
times to arrange financing," Zell said in an interview, adding that if
the Ricketts deal falls through, he is confident the media
company--which filed for Chapter 11 bankruptcy protection in
December--will find another buyer for the ballclub.
"We’ve made it very public that the Cubs don’t fit into the long
term picture of the Tribune," he said. "So if the Ricketts deal doesn’t
get done, I’m sure there will be other ones."
Sure, a lot of people have $900M or so lying around to spend on the Cubs as evidenced by the three legitimate bids Zell actually received. Of those three bids, Ricketts was supposedly not the highest but offered the most money up front, so if financing is the issue, a deal that would require even more to be financed is probably not going to have much more luck than the Ricketts are having now.
Of course...financing really isn't the issue it appears. According to this story dated May 19th, the Ricketts already secured a little over $850M of that $900M original bid; $403M from the sale of stock in Ameritrade and another $450M secured in bank loans (Clarification: Technically $753M is secured with a $100M coming from a private placement by Barclays which we do not know the status of, although the Ricketts claim they can cover it if it falls through). There was that story of Ricketts looking for 10 or so investors at $25M a pop, including celebrities like John Cusack, Bill Murray and Jim Belushi, but that round of financing was supposedly not critical to get the deal done according to "sources". Crain's Chicago Business also echoes that the financing is already in place and explains the real delay.
Thomas Ricketts, who is leading his family’s bid for Tribune Co.’s Cubs, has lined up financing for the deal, but a dispute over price is delaying the transaction.
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.
So the Ricketts are either short $50M in financing and trying to talk Zell down or they really are unhappy with the broadcast rights. I'm going with option B here. It appears the Tribune made sweetheart deals with WGN radio and television to broadcast the Cubs games at below fair market value for a contract up to 10 years sometime last fall. Ricketts isn't buying any stake of WGN, but is supposedly getting a 25% stake in the Comcast sports channel that already broadcasts about 80 games a year. So naturally, if he owns the cable company he'd like more games to go on there or be sure he's getting paid the appropriate amount in any licensing deal to WGN.
So don't believe the Zell lies, the money is there for Ricketts, Zell just isn't liking the terms.
Hat tip to waxpaperbeercup that has been all over the sale process, also check out Mark Cuban's blog on why he bowed out and wasn't going to pay anything near the $1 billion asking price at this time. End of the world coming Decemeber 21st, 2012...John Cusack (Cub fan) is starring. Coincidence? I think not.
yes, those hamilton WAR numbers are very reasonable. i'm on your side now based on that biting commentary and reasoning of why he's a 3.5-ish WAR player over a 600 PA season.
those numbers are obviously well deserved and worthy of no scrutiny...none at all. no issue.
CF D is rarer than a jon lester pickoff at 2nd...totally irreplaceable...no way in hell there's good D, low/no-hitting CF's in anyone's minor league system that could do what hamilton is doing.
Please do not discuss War here. I think the Cub Reporter should be politics free.
But yes, whether you support War or Peace...Mike Trout is ridiculously consistent and good.
"According to FOX Sports' Jon Morosi, Tim Tebow's baseball workout Tuesday in Los Angeles will be attended by scouts from "roughly half" of the 30 major league teams."
"One scout told ESPN.com last week that Tebow's swing is so long it might "take out the front row." That's not a good thing."
MyrtleBeachPelicans [email protected]
The #MBpelicans and @Cubs have extended their PDC through 2020!
Carolina League getting 2 new teams too.
CF WAR is ridiculous...billy hamilton is pulling a 3.0 WAR somehow...and managed a 2.0 WAR last year (even though he missed a month of the season)...and a 3.7 WAR in 2014.
yeah, a lot depends on how one is doing relative to others at a given position, but WAR is common used (right or wrong) as a blanket comparing all kinds of players.
trout's one of the best, and at this point should probably win over donaldson (and should have more MVPs in the past, too), but the defensive aspect of valuing WAR still needs more tweaking...imo.
Mike Trout is ridiculous
Don't know if Cubs will recover from "spanking" Gordo
2nd in defensive WAR, NL.
6th in NL in RBI
Go complain about something else, like, "they never play good against the good teams", or some other shit.
Addy really has trouble breaking through .250 BA -- after his hot streak got him to .251, he has gone 1-for-17.
Thank goodness for Jansen's 2 WP on Friday -- otherwise this would have been a sweep.
There seems to be a direct correlation with overconfidence in the Cubs offense against mediocre/young pitchers and really poor offense against mediocre/young pitchers. So, let's fear the Pirate pitchers!
Rizzo due for a power surge -- one HR in August so far. He truly does hit them in bunches.
Sometimes I'm not as supportive of Cahill as maybe I should be. There, I said it.
Rough 8th inning all around -- HBP, Cahill error, Javy's poor decision.
Oh well - given that the Cubs didn't look like they were going to score, it's better to lose in 9 innings, save the bullpen and get changed for the PJ trip home.
Baez still learning