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.
I know, man. What a season. 3rd best record in all of baseball, good enough to have won any division other than the one there in.
With a win tomorrow, the Cubs will match their 2008 record. Bad omen, I know. If they do win, the most recent year in which the Cubs will have won more games would be 1945 (98-56), the last time they went to the World Series.
I'll take that omen instead...
"oh yeah, and get the fuck off my lawn. :D"
Ok, now that was funny. :)
KB 0-5 with 8 LOB. Really? He is torturing me with 99 RBI. He is also a very different hitter at home vs. road. I suspect most young hitters are.
Greinke still in for the 8th. 3 up, 3 down. After 8. 108 pitches, ERA still at 1.66 according to mlb boxscore and he's in line for a 19th win.
Greinke 95 pitches through 7. Gives up one run (solo HR to Hedges). ERA at 1.66. Doubt that they will let him give up 5 runs in the 8th.
Dodgers ahead 2-1.
96 wins with one game to go. Who woulda thunk it.
Cubs 96 wins have clinched a better record than any AL team and the NL West/East division winners too.
cubs win, pirates lose...
the curse is now yours.
cog a HR away from the cycle after a single in the 6th.
Hendricks: 15 up, 15 down.
he strongly separates his post-playing career from his playing career, though he loves to visit the barrier of player and fan. many ex-players don't put up this barrier.
he's not interested in going back to the clubhouse or pretty much anything field/game related, but he'll grab a ticket and observe with the fans and visit ex players on "neutral" ground. he's written 3 pieces for the new yorker and other pieces elsewhere. i remember one photo/bio piece he did, but don't remember where i read it (years ago).
I find your comments rather obtuse. He recognized he didn't want to pursue baseball anymore and went back to school to learn how to become a better writer - opening up a new chapter in his life.
I don't know where you find a "sad disconnection" because he is writing about his experiences? He pursued a ball career for a long time so no doubt there is some meloncholy in his tone, but I just don't know what the fuck you are talking about.
he has an almost sad disconnection from the game based on his writings. even though he's "been there" (no matter how much of a minor role) he doesn't seem to feel like he belongs or deserves to belong in the boy's club.
he seems to go to great lengths to enjoy the game from an arm's length while occasionally getting close enough for a high-5 from those who affirm him that he belongs.
I read that guy's article about why he quit baseball and it was really well done too. In terms of Rizzo, I have seen multiple references to how this is Rizzo's team just as much as Madden's and it makes that pick up that much better that we have someone that is not only a great player but a leader and all around great guy (been reading about all the charity work he does too). There is really nothing not to like about Rizzo.
Nice article on Rizzo
Written by ex teammate
JD concurred with Ariettas second at bat