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23.11.14 0011
The W - Baseball - Cubs to be sold
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thecubsfan
Scrapple
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Since: 10.12.01
From: Aurora, IL

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#1 Posted on | Instant Rating: 10.00
    Originally posted by Trib

    Chicago billionaire Sam Zell has won the auction for Tribune Co.

    Terms are expected to be disclosed later this morning.

    At the same time, Tribune said it plans to sell the Chicago Cubs after the 2007 baseball season.>



What a way to start the season.



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AWArulz
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Since: 28.1.02
From: Louisville, KY

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#2 Posted on | Instant Rating: 6.51
I don't care about the start to the season - let me say this: Yay!

When PK sold to the Trib, I didn't think there could be a worse owner than PK, but the Trib has had all the money, all the opportunity and diminished and diluted leagues and some parity and STILL has only managed a couple division titles and a wild card in 30 some years.



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chill
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Since: 18.5.02

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#3 Posted on | Instant Rating: 2.60
Wasn't Mark Cuban recently rumored to be interested in purchasing the Cubs? I, for one, hope he still is. Cuban's the kind of owner who could serious revamp the team and possibly lead them back into annual contention. That, and players love to play for him.

It's still early, but anyone heard of others in the mix to possibly buy the team?



// the circus // dvd shelf // top 20 //

TheOldMan
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Since: 13.2.03
From: Chicago

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#4 Posted on | Instant Rating: 5.94
    Originally posted by the Tribune on April 3rd
    On Opening Day of the 2007 baseball season, owner Tribune Co. announced it is putting the Cubs on the block as part of its $8.2 billion sale to real estate tycoon Sam Zell.

    But there is a catch that might elicit frowns from some potential bidders: the "Friendly Confines" of Wrigley Field might not be for sale. The Tribune press release announcing the sale made no mention of Wrigley, and company officials Monday declined to comment on whether the ballpark -- which is as much a part of Cubs lore as the team itself -- is on the market.

    Wrigley would be expected to add as much as $90 million to the asking price. With its unique red marquee at the corner of Clark and Addison Streets and its trademark ivy-covered walls, Wrigley's value to Chicagoans goes beyond mere dollars and cents.


Hopefully this is just a trial balloon that will be shot down in the days to come, a fair part of the value in the team is the ballpark - but Zell is well known in business circles for taking over distressed properties, and finding a profit where others didn't see there was one to be made. I can't really see them seriously breaking up the Cubs and Wrigley Field (for the equivalent of an Ebbets Field Apartments-type deal), if only because so much of the surrounding real estate value and local economy depends fully on the Cubs engine. I can see them holding this out as a hammer to either squeeze more money out of a buyer, or even as a means to wring further night game concessions out of the Wrigleyville neighborhood leaders.

(While you might think that the landmark status makes new development problematic, remember that Soldier Field lost its' designation when Bill Veeck's aliens landed a new home for Da Bears there - grease the right palms, and anything can happen in a city that "works".)

    Originally posted by chill
    Wasn't Mark Cuban recently rumored to be interested in purchasing the Cubs?


He's expressed interest in the past when asked, but I think he'd be a long shot for approval by the other owners, who either don't want another big spending maverick (pun intended) because it raises the cost of doing business for smaller markets, or because it raises the competition for larger markets. Smart money has to start with Jerry Colangelo, IMO. Cuban would need to pay a significant premium over any other bidder to have a serious shot.





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Since: 2.1.02
From: The Las Vegas of Canada

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#5 Posted on | Instant Rating: 5.16
Regarding Wrigley, whomever owns it is going to have a LOT of money to sink in for repairs over the next decade or so. And really, outside of some of the sports bars along Clark St. the neighborhood is pretty much self-sufficient. It gains from what the Cubs bring in, but the residential market is so strong there that even the removal of Wrigley wouldn't much dent it. While it would surprise me to see the place torn down, simply because Wrigley is the Cubs insulation against ever having an attendance dip, if someone looks at it and decides renovations will cost more than its worth, you could see a new retro Wrigley clone (with skyboxes) built in the near suburbs sometime in the next decade, and mega-pricey condo/townhome development on that spot.



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Big Bad
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Since: 4.1.02
From: Dorchester, Ontario

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#6 Posted on | Instant Rating: 4.10
I think we're all missing the big picture here. Everyone on the W can kick in 500 bucks, and then....



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Since: 9.12.01
From: ミネアポリス

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#7 Posted on | Instant Rating: 9.00
    Originally posted by Big Bad
    I think we're all missing the big picture here. Everyone on the W can kick in 500 bucks, and then....
We can buy KITT (myhotcars.com)?????



I AM CRZ
TheOldMan
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Since: 13.2.03
From: Chicago

Since last post: 145 days
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#8 Posted on | Instant Rating: 5.94
    Originally posted by Big Bad
    I think we're all missing the big picture here. Everyone on the W can kick in 500 bucks, and then....






3028 W's x $500 = $1,514,000

I was thinking that we can afford to pay Aramis Ramirez to not hustle for a month.


Further details trickling in, it appears that Zell will be bringing in the employees on the deal, my guess is using the company pension fund to help finance the deal. That will leave him a few years to sell off the Cubs, Television stations, possibly some other land holdings. And will quite possibly leave the present and retired employees holding the bag (see: United Airlines) when Zell cashes out his stock, and there is nothing left to support the company but the newspaper chain. And I think we know where that industry is headed.

Back to the Cubs, I just hope this uncertainty doesn't screw up the Zambrano extension.





It's the Big "W", I tell ya! The Big "W"!
Thread rated: 6.22
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So there will be a 163rd game for the Chi Sox and the Twins tommorrow night. I got Minnesota, though I can't help but think that no matter who wins, they will be pretty worned out going against a well rested Rays team.
- supersalvadoran, 2008 MLB standings with 1 week left (2008)
Related threads: Kerry Wood Injured - Zambrano gives the Cubs an ultimatum - Ryne Sandberg - Class A manager? - More...
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