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.

Dodgers acquire Matt Kemp in five-player trade with Braves

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The Dodgers have pulled off their first blockbuster trade of the offseason, sending Brandon McCarthy, Scott Kazmir, Charlie Culberson, Adrian Gonzalez and cash considerations to the Braves for Matt Kemp, per announcements from both teams. The Braves are set to designate Gonzalez for assignment on Monday, making him a free agent.

Kemp, 33, had a down year with the Braves in 2017, hitting a career-low -0.5 fWAR in 115 games with the club. At the plate, he slashed a modest .276/.318/.463 with 19 home runs and a .781 OPS through 467 plate appearances, but was hampered by a nagging left hamstring strain through most of the season. This will be his 10th campaign with the Dodgers.

Whether or not Kemp can rebound during his second stint in Los Angeles is almost beside the point, however. The deal is effectively a salary dump to end all salary dumps. Offloading multiple one-year contracts for McCarthy, Kazmir and Gonzalez should bring the Dodgers back under the $197 million luxury tax threshold and position them to make a run at some of the big fish in next year’s free agent pool. It’s also worth noting that they may not keep Kemp around for long — per Ken Gurnick of MLB.com, the club appears as likely to flip the veteran outfielder as they are to use him. As for the Braves, they not only rid themselves of the $43 million due Kemp through 2020, but added some rotation and infield depth with McCarthy and Culberson and can now give top prospect Ronald Acuna a legitimate tryout in left field.