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.
After letting rumors of the deal percolate for the last week, the Athletics officially announced their two-year, $11 million contract with right-hander Santiago Casilla on Friday (and threw a little bit of shade at the Giants, too). As previously reported, the contract includes an extra $3 million in performance bonuses.
Casilla, 36, got his major league start with Oakland back in 2004, racking up a 5.11 ERA and four saves over six seasons in the A’s bullpen. After picking up a minor league deal with the Giants in 2010, the righty flitted in and out of the closing role with varying degrees of success. Notwithstanding a slight downturn in his production rate during the 2016 season, he earned 123 saves and a 2.42 ERA during the past seven years in San Francisco. Securing another closing role might be a little tougher across the Bay, however, with a bullpen that includes fellow closers Ryan Madson, Ryan Dull and Sean Doolittle.
Why is this man smiling? Man, I wouldn’t be smiling if I read what I just read.
This is the week when ESPN’s Keith Law releases his prospect and farm system rankings. He kicks off his content this week with a top-to-bottom ranking of all 30 farm systems. As a rule he limits his analysis to players who are currently in the minors and who have not yet exhausted their rookie of the year eligibility.
For the second straight year, Law ranks the Braves as the best system in baseball. Number two — making a big leap from last year’s number 13 ranking – is the New York Yankees. Dead last: the Arizona Diamondbacks, which Law says “Dave Stewart ritually disemboweled” over the past two years. That’s gotta hurt.
If you want to know the reasons and the rankings of everyone in between you’ll have to get an ESPN Insider subscription. Sorry, I know everyone hates to pay for content on the Internet, but Keith and others who do this kind of work put a lot of damn work into it and this is what pays their bills. I typically don’t like to pay for content myself, but I do pay for an ESPN Insider subscription. It’s worth it for Law’s work alone.