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.
The Miami Herald reports that the Marlins and Martin Prado have agreed to a three-year, $40 million contracy extension.
Prado has been highly effective for Miami, hitting .297/.350/.405 over two seasons The Marlins were eager to keep him and many teams were no doubt interested in trying to sign him this winter as he stood pretty darn tall on a pretty weak free agent market. He may very well have done better than the $40 million he’s getting, but a qualifying offer could’ve made the free agency process a bit more drawn out one than he would’ve preferred. And, of course, he seems very happy in Miami, as evidenced by his increasing role as a team leader with the Marlins.
For his career Prado has hit .293/.342/.423 over 11 seasons. He’ll now be locked up through his age-35 campaign.
The Cardinals got shellacked 15-2 by the Reds, one of baseball’s worst teams, last night. In so doing they fell a half game behind the Giants for the second Wild Card.
Rick Hummel of the St. Louis Post Dispatch wrote about last night’s game. What struck him was the reaction from the crowd at Busch Stadium:
And the fans, in a rare moment of pique, let the Cardinals hear about it, first booing and then erupting in a Bronx cheer when the final out of a seven-run fourth was recorded. They booed a little more later on and then many of them beat the traffic, with some of them at least leaving with a Grateful Dead T-shirt, a special theme night promotion . . . The paid crowd to witness the carnage was 34,942, snapping a string of 240 straight crowds here of over 40,000, dating to Sept. 24, 2013. Matheny said he noticed the reaction of the crowd and appeared to find little fault with it.
It’s been such a weird season for the Cardinals. Maybe the weirdest part of all has been how terrible they’ve been at home, with a record of 33-42. They have six more games at home, and they no longer control their own playoff destiny.
Is this booing and leaving a one-time thing, or will we see a lot more of it between now and Sunday?