cubs logo

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

6 Comments

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.

Jorge Posada highlights 16 one-and-done players on Hall of Fame ballot

NEW YORK, NY - JANUARY 24:  Jorge Posada addresses the media during a press conference to announces his retirement from the New York Yankees at Yankee Stadium on January 24, 2012 in the Bronx borough of  New York City.  (Photo by Mike Stobe/Getty Images)
Mike Stobe/Getty Images
12 Comments

Former Yankees catcher Jorge Posada received only 17 total votes (3.8 percent) on the 2017 Hall of Fame ballot. Unfortunately, he is one of 16 players who fell short of the five percent vote threshold and is no longer eligible on the ballot. The other players are Magglio Ordonez (three votes, 0.7 percent), Edgar Renteria (two, 0.5 percent), Jason Varitek (two, 0.5 percent), Tim Wakefield (one, 0.2 percent), Casey Blake (zero), Pat Burrell (zero), Orlando Cabrera (zero), Mike Cameron (zero), J.D. Drew (zero), Carlos Guillen (zero), Derrek Lee (zero), Melvin Mora (zero), Arthur Rhodes (zero), Freddy Sanchez (zero), and Matt Stairs (zero).

Posada, 45, helped the Yankees win four World Series championships from 1998-2000 as well as 2009. He made the American League All-Star team five times, won five Silver Sluggers, and had a top-three AL MVP Award finish. Posada also hit 20 or more homers in eight seasons, finished with a career adjusted OPS (a.k.a. OPS+) of 121, and accrued 42.7 Wins Above Replacement in his 17-year career according to Baseball Reference.

While Posada’s OPS+ and WAR are lacking compared to other Hall of Famers — he was 18th of 34 eligible players in JAWS, Jay Jaffe’s WAR-based Hall of Fame metric — catchers simply have not put up the same kind of numbers that players at other positions have. That’s likely because catching is such a physically demanding position and often results in injuries and shortened careers. It is, perhaps, not an adjustment voters have thought to make when considering Posada’s eligibility.

Furthermore, Posada’s quick ouster is somewhat due to the crowded ballot. Most voters had a hard time figuring out which 10 players to vote for. Had Posada been on the ballot in a different era, writers likely would have found it easier to justify voting for him.

Posada joins Kenny Lofton in the “unjustly one-and-done” group.

Tim Raines, Jeff Bagwell, Ivan Rodriguez Elected to the Hall of Fame

1990:  Outfielder Tim Raines of the Montreal Expos in action. Mandatory Credit: Otto Greule  /Allsport
Getty Images
51 Comments

The 2017 induction class of the Baseball Hall of Fame was announced Wednesday evening and we have three inductees: Tim Raines, Jeff Bagwell and Ivan Rodriguez. Raines and Bagwell had to wait a good long while to get the call. Rodriguez is in on his first year of eligibility. But nowhere on the plaque will it say how long it took. All that matters now is that three of the greatest players of their respective generations finally have a place in Cooperstown.

Players must be named on 75% of the Baseball Writers Association of America’s ballots to get in. Raines was named on 86% of the ballots. Bagwell was named on 86.2%. Rodriguez was named on 76%. Non-inductees with significant vote totals include Trevor Hoffman at 74% and Vladimir Guerrero at  71.7%. The full results can be seen here.

Others not making the cut but still alive for next year, with vote totals in parenthesis: Edgar Martinez (58.6); Roger Clemens (54.1); Barry Bonds (53.8); Mike Mussina (51.8); Curt Schilling (45.0); Manny Ramirez (23.8); Larry Walker (21.9); Fred McGriff (21.7); Jeff Kent (16.7); Gary Sheffield (13.3%); Billy Wagner (10.2); and Sammy Sosa (8.6). Making his final appearance on the ballot was Lee Smith, who received 34.2% of the vote in his last year of eligibility. He will now be the business of the Veterans Committee.

Players who fell off the ballot due to not having the requisite 5% to stay on: Jorge Posada; Magglio Ordoñez; Edgar Renteria; Jason Varitek; Tim Wakefield; Casey Blake; Pat Burrell; Orlando Cabrera; Mike Cameron; J.D. Drew; Carlos Guillen; Derrek Lee; Melvin Mora; Arthur Rhodes; Freddy Sanchez; and Matt Stairs

We’ll have continued updates on today’s Hall of Fame vote throughout the evening and in the coming days. In the meantime, congratulations to this year’s inductees, Tim Raines, Jeff Bagwell and Ivan Rodriguez!