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.

Kendrys Morales pitched a scoreless inning Sunday

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Nothing went right for the Blue Jays this weekend. The club was swept in a four-game series against the Athletics, including a 9-2 loss on Sunday. Not wanting to burn out his bullpen in a lopsided game — and perhaps thinking about the general entertainment value involved — Blue Jays manager John Gibbons decided to send designated hitter Kendrys Morales out to pitch the ninth inning. And in typical baseball fashion, he saw better results than some of the dudes who do this all the time.

Morales, who actually pitched in Cuba nearly 20 years ago, worked around a walk for a scoreless inning. He induced three fly outs and topped out at 87.4 mph on his fastball, per Brooks Baseball. He received a standing ovation on the way back to the dugout. Morales hasn’t been hearing that sort of thing for his contributions with the bat recently.

Morales, 34, is batting just .163/.248/.279 with three home runs through 32 games this season. There’s been some understandable clamoring for top prospect Vladmir Guerrero, Jr. to cut into his at-bats. For his part, Morales has been doing everything he can to break out of his slumber at the plate, including ditching the glasses he started wearing during spring training. Hey, whatever works. Morales also had two of Toronto’s four hits on Sunday.

On the heels of Morales’ first MLB appearance on the mound, it feels rather appropriate that the Blue Jays will get their first look at Angels sensation Shohei Ohtani — at least as a hitter — beginning on Tuesday.