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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.

JaCoby Jones’ mom gets all weepy at his first major league hit

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JaCoby Jones was called up by the Tigers and made his major league debut yesterday. His parents, from Mississippi, had to scramble to get to Detroit to watch their son in action, but it was well worth the scramble: young Mr. Jones had two hits and two RBI as the Tigers won.

Jones’ first hit was an RBI double which broke a tie. It also caused his mom to break into tears:

Baseball is weird. That could be the first hit in an illustrious big league career. It could also be his peak as a major leaguer. Nothing is ever guaranteed. But Jones and his folks have that moment forever.

Noah Syndergaard doesnt care for the wave

RIO DE JANEIRO, BRAZIL - AUGUST 07:  The crowd perform a wave during the men's pool A match between Brazil and Belgium on Day 2 of the Rio 2016 Olympic Games at the Olympic Hockey Centre on August 7, 2016 in Rio de Janeiro, Brazil.  (Photo by Mark Kolbe/Getty Images)
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I used to be pretty anti-wave because I thought it was kind of dumb and that spending effort on it and not on paying direct attention to the game was a failure of priorities. As has been the case with a lot of things in the past two or three years, however, I’ve lightened up about that. As a part of a larger change of heart in which I determined that hating what other people like and which doesn’t cause me or others harm is not generally worth my time, I’ve left the wave alone. I still think it’s rather silly, but if you wanna be silly at the ballpark, go on and do it. You paid your money to be there.

Not everyone feels this way, however. Including some players:

I dunno, man. The Mets had a lead after one inning and never relinquished it. I’m not sure when this wave went down, and I’ll grant that if it came at a super tense part of the game it would be more annoying. But the Mets are playing some great baseball right now and a well-loved player — Curtis Granderson — hit a couple of homers off the bench. Let ’em be happy, Noah.

UPDATE: This is part of a larger “ballpark rules” feature from SNY: