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.
As first reported by Bob Dutton of the Tacoma Tribune and now confirmed by CBS Sports’ Jon Heyman, the Mariners have traded first baseman and corner outfielder Mark Trumbo to the Orioles in exchange for catcher and first baseman Steve Clevenger. More to come.
These kind of after-the-ink-has-dried reports have to be taken with a grain of salt for a variety of reasons, but they’re fantastic conversation-starters …
Bob Nightengale of USA Today says the Cardinals “finished runner-up” to the Red Sox in the bidding for free agent left-hander David Price, who signed with Boston on Monday for a record seven years and $217 million.
There were reports early on that the Red Sox were going to have to overpay on Price because he wanted to either stay in Toronto or make the move to the more pitcher-friendly National League. And maybe they did go significantly above and beyond the next-best offer to land him.
But the report from Nightengale serves as an indication that the Cardinals are ready and willing to spend big money ahead of next week’s Winter Meetings in Nashville. Does that chunk of change now get directed toward Jason Heyward? Or might the Cardinals pounce one of the falling dominos in this still-loaded starting pitching market? What about both?
St. Louis lost Lance Lynn to Tommy John surgery last month and both Carlos Martinez and Michael Wacha carry some injury concerns into 2016. There’s money to spend there with a new billion-dollar local television deal about ready to kick in.
Pirates pitching coach Ray Searage has become the king of the reclamation project. And it sounds like he’s about to take on another big one …
Travis Sawchik of the Pittsburgh Tribune-Review reports that the Pirates have expressed interest in free agent Justin Masterson. The expectation is that it will be a one-year deal with the goal of rebuilding the right-hander’s value in an environment where many other struggling veteran pitchers have executed significant career turnarounds.
Masterson earned his first (and only) All-Star nod in 2013 when he registered a 3.45 ERA, 195 strikeouts, and three shutouts in 32 appearances with the Indians. But he had a 5.88 ERA in 128 2/3 innings between Cleveland and St. Louis in 2014 and he continued struggling to the tune of a 5.61 ERA with the Red Sox in 2015.
It’s not clear whether the Bucs would try him as a starter or reliever.
Jordan Zimmermann signed with the Tigers on Sunday for five years, $110 million. David Price signed with the Red Sox on Tuesday for seven years, $217 million.
Two big dominos have fallen in this loaded free agent market for starting pitchers, and another big one is about to go …
FOX Sports’ Ken Rosenthal says a deal for Zack Greinke “could come soon” and it’s currently “Dodgers vs. Giants” at the top of the bidding ladder.
ESPN’s Jerry Crasnick confirms that both the Dodgers and Giants are looking for an answer from Greinke, adding that the 32-year-old right-hander seeks a five- or six-year deal with a greater average annual value (AAV) than what Price just secured from Boston. That number would be $31 million, so we’re talking something close to $32 million through 2020-2021.
Greinke opted out of the remaining three years and $71 million contract with Los Angeles in October after posting a 1.66 ERA and 0.84 WHIP across 222 2/3 regular-season innings in 2015. He finished second to the Cubs’ Jake Arrieta in the National League Cy Young Award balloting.