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.
A third-inning two-run home run by Adam Rosales off of R.A. Dickey put the Padres up 2-0, but it also helped the Padres tie a National League record. The Padres have homered in 25 consecutive games, matching the 1998 Braves, the 1994 Tigers, and the 1941 Yankees. The major league record is 27, set by the 2002 Rangers.
The Padres hit three in total on Wednesday in an 8-4 victory against the Blue Jays. One of those dingers was an eighth-inning solo shot by rookie Alex Dickerson, who has now homered in four consecutive games himself. The one he hit on Monday is worth watching, as it got into the upper deck at the Rogers Centre.
As the Padres recently traded Melvin Upton, Jr. to the Jays, Dickerson is likely going to see regular playing time. That’s especially true if he keeps hitting like this.
The Braves have traded pitchers Lucas Harrell and Dario Alvarez to the Rangers, MLB.com’s Mark Bowman reports. The Rangers are sending 21-year-old infielder Travis Demeritte to the Braves, per MLB.com’s T.R. Sullivan.
Harrell, 31, has made five starts for the Braves this season, posting a 3.38 ERA with a 21/12 K/BB ratio in 29 1/3 innings. The rest of his season has been spent at the minor leagues, including Double-A Erie and Triple-A Toledo with the Tigers, as well as Triple-A Gwinnett with the Braves.
Alvarez, 27, has an even 3.00 ERA with a 28/5 K/BB ratio in 15 innings of relief for the Braves. He throws from the left side so he’ll give a particular boost to the Rangers’ bullpen when needed.
Demeritte was taken in the first round — 30th overall — by the Rangers in the 2013 draft and was considered the Rangers’ 20th-best prospect by MLB Pipeline. This year, with Single-A High Desert, he has hit .272/.352/.583 with 25 home runs and 59 RBI in 378 plate appearances. He has played second base almost exclusively, but has also logged time at shortstop and third base in his minor league career.
Harrell will be arbitration eligible for the first time after the season. Alvarez has accrued only 61 days of service time.