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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.

BBWAA votes to make all Hall of Fame ballots public beginning next year

Cooperstown
Associated Press
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In addition to naming the Spink Award winner this morning, the Baseball Writers Association of America voted today to make all Hall of Fame ballots public beginning with next year’s vote for the 2018 induction class.

As of now, writers are encouraged to make their votes public and, if they do, they are placed on the BBWAA website. They are not required to, however, and a great many Hall of Fame voters do not. While ballot secrecy is laudable in politics, the Hall of Fame vote brings with it a fundamentally different set of concerns and sentiment has increasingly favored transparency, as opposed to secrecy when it comes to the Hall of Fame.

While some in opposition to this move may claim that public ballots will only lead to criticism, our view is that if you can’t handle some reasonable criticism over your Hall of Fame ballot, you probably need to get out of the business of making history, which is what voting for the Hall of Fame really is.

The Yankee2 to retire Derek Jeter’2 number next 2ea2on

Derek Jeter
Getty Images
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RE2PECT: The Yankees just announced that they will retire Derek Jeter’s number 2 next season. The ceremony will take place on May 14, 2017 at Yankee Stadium.

With Jeter’s number 2 retired the Yankees will have retired 21 numbers. Twenty-two if you count number 8 twice, given that it was retired for both Yogi Berra and Bill Dickey. They also have retired 42 twice, once for Jackie Robinson, which every team has retired, and once for Mariano Rivera who donned 42 before the league-wide retirement of the number. The Yankees will also have put every single-digit number on the shelf. Except for zero, anyway, which no Yankees player has ever worn.

The retired pinstripes break down as follows:

1 Billy Martin
3 Babe Ruth
4 Lou Gehrig
5 Joe DiMaggio
6 Joe Torre
7 Mickey Mantle
8 Yogi Berra
8 Bill Dickey
9 Roger Maris
10 Phil Rizzuto
15 Thurman Munson
16 Whitey Ford
20 Jorge Posada
23 Don Mattingly
32 Elston Howard
37 Casey Stengel
42 Mariano Rivera
44 Reggie Jackson
46 Andy Pettitte
49 Ron Guidry
51 Bernie Williams