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.

Frankie Montas out 2-4 months after rib resection surgery

Chicago White Sox pitcher Frankie Montas throws against the Detroit Tigers in the first inning of a baseball game in Detroit, Wednesday, Sept. 23, 2015. (AP Photo/Paul Sancya)
AP Photo/Paul Sancya
Leave a comment

Per Eric Stephen of SB Nation’s True Blue LA, the Dodgers announced that pitching prospect Frankie Montas will be out two to four months after undergoing rib resection surgery to remove his right first rib.

The Dodgers acquired Montas from the White Sox in a three-team trade in December 2015 that also involved the Reds. The 22-year-old made his big league debut with the Pale Hose last season, allowing eight runs on 14 hits and nine walks with 20 strikeouts in 15 innings across two starts. Montas had spent the majority of his season at Double-A Birmingham, where he posted a 2.97 ERA with 108 strikeouts and 48 walks in 112 innings.

MLB.com rated Montas as the 95th-best prospect in baseball, slipping a few spots from last year’s pre-season ranking of 91.

Athletics acquire Khris Davis in trade with Brewers

Milwaukee Brewers' Khris Davis swings on a home run during the eighth inning of a baseball game against the San Diego Padres on Tuesday, July 23, 2013, in Milwaukee. (AP Photo/Morry Gash)
AP Photo/Morry Gash
2 Comments

The Brewers’ rebuild continues, as the club announced on Twitter the trade of outfielder Khris Davis to the Athletics in exchange for catcher Jacob Nottingham and pitcher Bubba Derby. MLB.com’s Jane Lee reports that the A’s have designated pitcher Sean Nolin for assignment to create room on the 40-man roster for Davis.

Davis, 28, was the Brewers’ most valuable remaining trade chip. He blasted 27 home runs while hitting .247/.323/.505 in 440 plate appearances this past season in Milwaukee. Adding to his value, Davis won’t become eligible for arbitration until after the 2016 season and can’t become a free agent until after the 2019 season. In Oakland, Davis will give the Athletics more reliability as Coco Crisp was injured for most of last season and is now 36 years old. Though he doesn’t have much of a career platoon split, Davis split time in left field with the left-handed-hitting Gerardo Parra last season. It’s unclear if the A’s will utilize him in a platoon as well.

With Davis out of the picture, Domingo Santana is a leading candidate to start in left field for the Brewers, GM David Stearns said, per Tom Haudricourt of the Milwaukee Journal Sentinel.

Nottingham, 20, started the 2015 season in the Astros’ system but went to the Athletics in the Scott Kazmir deal. He hit an aggregate .316/.372/.505 at Single-A, showing plenty of promise early in his professional career. With catcher Jonathan Lucroy on his way out of Milwaukee, the Brewers are hoping Nottingham can be their next permanent backstop.

Derby, 21, made his professional debut last season after the Athletics drafted him in the sixth round. Across 37 1/3 innings, he yielded seven runs (five earned) on 24 hits and 10 walks with 47 strikeouts. He’s obviously a few years away from the majors, but the Brewers are looking for high upside.

Yankees, Aroldis Chapman avoid arbitration at $11.325 million

Aroldis Chapman
AP Photo/Charles Rex Arbogast
1 Comment

Ken Rosenthal of FOX Sports reports that the Yankees and closer Aroldis Chapman have avoided arbitration, settling on an $11.325 million salary for the 2016 season. It is the lefty’s third and final year of arbitration eligibility.

Chapman had filed for $13 million while the Yankees countered at $9 million, so he gets slightly more than the midpoint between the two submitted figures.

With the Reds this past season, Chapman posted a 1.63 ERA with 33 saves and a 116/33 K/BB ratio over 66 1/3 innings. The Reds have opted to rebuild, so they traded him to the Yankees this offseason in exchange for four minor leaguers. Chapman, who turns 28 at the end of February, will make for a fearsome 1-2-3 punch in the back of the Yankees’ bullpen along with Andrew Miller and Dellin Betances.

Indians sign reliever Tommy Hunter to $2 million deal

Baltimore Orioles relief pitcher Tommy Hunter throws to the Miami Marlins during the seventh inning of a baseball game in Miami, Friday, May 22, 2015. (AP Photo/J Pat Carter)
Leave a comment

Paul Hoynes of the Cleveland Plain Dealer reports that right-hander Tommy Hunter has agreed to a one-year, $2 million contract with the Indians. It’s a major-league deal, so Hunter gets a spot on the 40-man roster and will be in the Opening Day bullpen if he’s fully recovered from core muscle surgery.

Hunter split last season between the Orioles and Cubs, totaling 60 innings with a 4.18 ERA and 47/14 K/BB ratio. He had a sub-3.00 ERA in both 2013 and 2014, and has generally been a setup-caliber reliever since shifting to the bullpen full time.

He has good control and a mid-90s fastball, but Hunter has never missed many bats despite the big-time velocity and often struggles to keep the ball in the ballpark. He’ll likely fill a middle relief role in Cleveland initially.