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.
Break up the Cubs!
MLB.com throws out two names to manage the Nats: Dave Martinez and Wally Backman.
matt williams (WAS) fired...shocker. he lost control and confidence of that clubhouse way before papelbum got there.
having a roster chock full of egomaniacs and assholes doesn't help.
he won 'manager of the year' last year, fwiw.
If he were dealing with Chicago traffic, I would take my chances with the golf cart.
You can get to the MKE airport from Miller Park via all surface streets, no real reason to get on the expressway. Unless he is in a real hurry to get to Az.
CUBSTER: I would think a cab or a limo would get Motte to the airport faster than a golf cart. The maximum speed of a golf cart is (what?) maybe 15 MPH, which could actually be dangerous on an expressway.
from the Sunday Trib...
Reliever Jason Motte waved as he left the visitor’s clubhouse at Miller Park on a golf cart en route to the airport to catch a flight to Arizona to start a rehab assignment.
Motte has been on the 15-day disabled list since Aug. 24 because of a right shoulder strain, but there’s a possibility he could rejoin the Cubs if they advance deep in the playoffs.
Motte is scheduled to pitch in simulated games and in Instructional League games in Arizona.
8 in a row to end the year...let's do this playoffs thing.
shelby miller (ATL) finishes the season with a win, snapping his 24-game winless streak...because ATL bats are non-existent.
3.02 era, 1.25 whip, 205.1ip, 171K
Totally independent of the Cubs winning or losing today, Dan Haren came into today's game having earned $2M of his potential $3M in performance bonuses for 2015.
By making the start (his 32nd start of the season) he picked up $500K, and he'll get the remaining $500K if he can throw at least 8.2 IP in the game (he was at 181.1 IP coming into the game, and he needs to reach 190 IP to get the remaining $500K),
It's a bit like the old "Bowling for Dollars" TV show, but of course Haren is actually "Pitching for Dollars."
holy crap, MIL is just...awful.
i think he's currently playing for the Santo Domingo Meths. he's an Adderall-Star player there.
I'm longing for a Neifi sighting.
if you have stable/fast internet you can stream with and you don't mind giving up $20 a month check out "sling tv".
TBS, TNT, ESPN 1+2, etc...100% legal.
68 pitches (50 strikes)
love seeing that...especially with the batters doing very little with it.
Yeah, keep him off the playoff roster.