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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.

Albert Pujols passes Mark McGwire with 584th career home run

CLEVELAND, OH - AUGUST 11: Albert Pujols #5 of the Los Angeles Angels of Anaheim runs out a double during the ninth inning against the Cleveland Indians at Progressive Field on August 11, 2016 in Cleveland, Ohio. The Indians defeated the Angels 14-3. (Photo by Jason Miller/Getty Images)
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Angels DH Albert Pujols passed Mark McGwire for sole possession of 10th place on baseball’s all-time home run leaderboard, slugging his 584th career home run in the first inning of Wednesday night’s game against the Blue Jays.

Mike Trout had already slugged a solo home run off of Jays starter Marco Estrada to bring Pujols to the dish. Pujols jumped on an 0-1 cut fastball, sending it out to left-center field, clearing the fence by a few feet.

Pujols, who finished 4-for-4 with the homer and an RBI double, is batting .257/.321/.441 with 24 home runs and 99 RBI on the year. His next target on the home run leaderboard is Frank Robinson at 586.

Zach Britton allowed an earned run for the first time since April 30

BALTIMORE, MD - AUGUST 22:  Zach Britton #53 of the Baltimore Orioles pitches for his 38th save in the ninth inning during a baseball game against the the Washington Nationals at Oriole Park at Camden Yards on August 22, 2016 in Baltimore, Maryland.  The Oriole won 4-3.  (Photo by Mitchell Layton/Getty Images)
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Orioles closer Zach Britton had appeared in a major league record 43 consecutive games without allowing an earned run, spanning May 5 to August 22. That streak came to an end on Wednesday evening against the Nationals.

The Orioles entered the bottom of the ninth inning holding a 10-3 lead, but reliever Parker Bridwell immediately found himself in hot water. He yielded back-to-back singles to Danny Espinosa and Clint Robinson. He was able to strike out Trea Turner, but walked Jayson Werth to load the bases. Daniel Murphy then crushed his first career grand slam to make it a 10-7 game. That prompted manager Buck Showalter to bring in Britton.

Britton, too, was knocked around. He served up a single to Bryce Harper, followed by a double to Anthony Rendon that scored Harper, pushing the score to 10-8 and ending Britton’s streak. Wilson Ramos reached on a fielder’s choice back to Britton, but the lefty finally finished the game by getting Ryan Zimmerman to ground into a game-ending 4-6-3 double play.

Britton now holds a nice 0.69 ERA with 38 saves and a 61/16 K/BB ratio in 52 innings of work this season.