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.
So I think tomorrow will be the most important test of how far we can go. We can win it all with two pitchers since Arietta has shown he can carry over his success to the post season. If Lester can be dominant also then I think we can go far no matter how Hendricks or Hammel do.
And in terms of pitching just went through to see how we could maximize Lester and Arietta and came up with this (Lester would be going on 4 days rest three times and Arietta twice):
i still can't believe that crawford contract (7/142). all that loot and years for a LF'r who's entire hitting game revolves around his legs and line-drive power. those triples that raised his value are deceptive as hell to his true power, but it helped him get paid.
there's also pause about a guy who's ob% is almost totally driven by hits rather than walks. BOS got lucky unloading that crap deal.
I think the Cubs take Berry and Soler off playoff roster and add Hammel & Ramirez. Believe Maddon will find Denorfia & Jackson defense too hard to lose.
I just noticed the Dodger's payroll today. It is just absurd. $300,000,000+!!
Here is where just some of there money is for 2015:
Carl Crawford $20MM
Brandon McCarthy $17MM
Bronson Arroyo $3.5MM
Darwin B $2.2MM
Dan Haren $10MM
Matt Kemp $18MM
Brian Wilson $10MM
Ryan Webb $2.2MM
Dee Gordon $2.5MM
O & B: I like the one-game Wild Card heart attack game, but I'd actually like to see a best two-out-of-three LDS played in the home parks of the two division winners with the best records, and then the LCS as a best two-out-of-three in the home park of the division winner left standing with the best record, and then let's get to the World Series already.
I...don't know. If chanting would help the Cubs beat the Cardinals in the next series or ultimately the World Series I think I'd be ok with it lol. I'm not supportive of saying insulting things to opposing fans or throwing things but loud noise and chanting seems appropriate to me.
I also grew up in France though and that kind of thing is par for the course at soccer and rugby matches and I love it. I find crowds too passive here.
Enjoyable read on David Ross.
Er, they won the first one. My bad. Carry on.
With last night's win in Pittsburgh, the Cubs have tied the Pirates with 98 wins, and are only 2-1/2 games behind the Cardinals. No reason why the Cubs can't finish the post-season with the best winning percentage in baseball (regular season & post-season combined).
BOB: I doubt very much that Matt Szczur will be on the Cubs LDS roster.
If he wasn't on the Wild Card roster (when the Cubs went with 15 position players), he won't be on the LDS roster (when the Cubs will go with 13 or 14 position players).
As it is, at least one of the three RH hitting outfielders who were on the Cubs WC roster (Denorfia, Jackson, and Soler) could get bumped off the LDS roster (probably Soler).
I want my baseball team to win by playing better baseball. I don't want umps, fields, or fans to have anything to do with it.
Just with the chanting thing it worked to rattle Cueto last year where he dropped a ball and gave up a HR next pitch so you can't really hate on the fans for trying it again in this important of a game.
I felt the same way, too, but...
I was very disappointed with Pittsburgh fans. At Wrigley a few weeks ago, they were very obnoxious guests, the cockiness on Twitter, and what's the deal with chanting Arrieta's name during the game? Very bush league. Add that up with Rodriguez's poor sportsmanship and you quickly have a team that you don't mind beating 4-0 in a do or die game.
Absolutely-It was tense. And when the Pirates couldn't push any runs across, you could see the frustration boil over.
I meant December.