Report: Cubs considering selling minority shares of team to fund Wrigley renovation

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With the Cubs looking for ways to finance the Wrigley Field renovation effort and projects around the stadium, Patrick Mooney of CSNChicago.com reports that ownership is considering selling minority shares of the team.

No final decisions have been made yet, but the Ricketts family will not be selling off controlling interest in the team. It’s akin to what the Mets did a couple of years ago after the settlement in the Bernie Madoff scandal. Just some outside cash now to get the projects off the ground.

An industry source predicted the Cubs would be working from the latest Forbes valuation – $1.2 billion – that put the franchise behind only the New York Yankees, Los Angeles Dodgers and Boston Red Sox at a time when commissioner Bud Selig estimated the sport’s revenues could top $9 billion this year.

That’s a 42-percent jump from the $845 million deal that finally closed in October 2009 and included a piece of Comcast SportsNet Chicago. The game’s rising tide hasn’t lifted the Cubs out of fifth place since the Ricketts family entered into that leveraged partnership with Zell’s Tribune Co., which demanded any buyer take on a debt-heavy structure that would create a shelter from huge capital-gains taxes.

The Cubs source said a sale wouldn’t impact the futures of team presidents Crane Kenney and Theo Epstein, who both have long-term contracts and run business and baseball operations without much interference from a hands-off ownership group.

MLB would have to approve any new owners. The Wrigleyville project is expected to cost around $500 million and will consist of renovations of the stadium itself and outside the stadium, including a hotel. In addition to trying to raise the money to fund it privately, Cubs ownership have run into some other issues along the way, including their contract with rooftop owners which runs through 2023. Plans for a jumbotron will block some of the views into the ballpark.

Nolan Reimold retires

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Former Orioles outfielder Nolan Reimold has retired, Michael Pfaff — president of the Long Island Ducks — announced on Twitter on Sunday.

Reimold, 33, was hitting .238/.359/.397 in 78 plate appearances with the Ducks. He was coming off of a disappointing 2016 campaign as a reserve outfielder with the O’s, finishing with a .664 OPS.

Over parts of eight seasons in the majors, Reimold hit .246/.323/.422 with 56 home runs and 174 RBI.

Mike Trout sprains thumb, to undergo MRI on Monday

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Angels outfielder Mike Trout sprained his left thumb and had to leave Sunday’s game against the Marlins. He underwent an X-ray, which revealed no fracture, but he is set to have an MRI on Monday for further evaluation, Jeff Fletcher of the Orange County Register reports.

Trout went 0-for-2 with a walk before exiting. The reigning AL MVP is batting .337/.461/.742 with 16 home runs, 36 RBI, 36 runs scored, and 10 stolen bases in 206 plate appearances this season. Needless to say, losing him for any amount of time would be a devastating loss for the Angels, who are 26-27 and tied for second place in the AL West.