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.
David Price is reported to have a “barking” elbow and it is expected that the Red Sox will scratch him from tonight’s start against the Royals in Boston. Dan Shaughnessy reports that the elbow soreness is similar to what he was feeling in the spring and that the Red Sox may place him on the disabled list. UPDATE: Buster Olney reports that the Red Sox gave Price an MRI yesterday.
Price was knocked around for six runs — five earned — in five innings against the Angels in his last start. He was also the subject of controversy soon after that after Shaughnessy reported the details of his run-in with Dennis Eckersley on the Sox team plane in June. That incident and his elbow are obviously separate things, but that’s not stopping the talk radio from people using the report of Price’s elbow to question is fortitude and stuff. Which is dumb, even if it is predictable. If you want to question Price’s character, fine, but to suggest that it’s related to his health is a silly way to go about it.
Price is 5-3 with a 3.82 ERA and a 63/22 K/BB ratio in 66 innings across 11 starts this year. The Red Sox are a half game up on the Yankees in the AL East.
There was a lot of talk yesterday that the New York Yankees and the Oakland A’s were close to a Sonny Gray deal, but that seems to be at an impasse now, as Jon Heyman reports that the A’s want either either Clint Frazier or Gleyber Torres and the Yankees say both of those prospects are off limits.
Frazier, who has held his own with a .284/.299/.541 line since his callup at the beginning of the month, is a key part of the Yankees future or — if you think Brian Cashman is bluffing here — a prime trade chit for someone better than Sonny Gray. Torres, despite his season ending due to Tommy John surgery following a freak play, is widely considered the Yankees shortstop of the future. Again, no one is untouchable in the right deal, but it’s an open question as to whether Sonny Gray is really the guy you burn your top prospects for.
There are lesser pitchers for whom the Yankees could trade, such as Jaime Garcia. Or, if they want to take a chance on a rental, they could go after Yu Darvish. But at the moment it does not seem like a Gray-to-New York deal is gonna happen.