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.
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