Cubs Sale Is Done

[rok]

http://www.chicagobusiness.com/cgi-bin/news.pl?id=35301
<!--quoteo-->QUOTE <!--quotec-->Judge sets Cubs sale on fast track for Trib

Aug. 31, 2009
(AP) — A Delaware bankruptcy judge on Monday approved Tribune Co.'s request for quick court action on the company's planned sale of the Chicago Cubs.

The family of billionaire Joe Ricketts, founder of TD Ameritrade, has agreed to buy a 95 percent stake in the team and its Wrigley Field home for $845 million, but the deal must be approved by the bankruptcy court, as well as Major League Baseball.

Judge Kevin Carey approved Tribune attorneys' proposals regarding notification to interested parties, including creditors of both the Tribune and the Cubs.

The process approved by the judge calls for any objections to be filed by Sept. 17, followed by a Sept. 24 court hearing on Tribune's motion for court approval of the deal. Carey also approved break-up fees ranging from $5 million to $20 million to be paid if it falls through.

The plan filed by Tribune attorneys calls for a separate bankruptcy filing by Chicago National League Ball Club, a Tribune affiliate that is not involved in the company's Chapter 11 case. That filing would come after Carey approves the sale as part of Tribune's bankruptcy reorganization and escrow financing documents are in place.

Tribune attorneys said the filing by CNLBC is needed to ensure that Tribune obtains the necessary court approval for its obligations, that the Cubs' assets are transferred free and clear of all liens and claims, and that contracts to which either Tribune or CNLBC is a party can be assumed and assigned to the new owner.

"It's a very important transaction for the debtors and its creditors," Tribune attorney Bryan Krakauer told Carey.

Tribune attorneys anticipate that CNLBC's bankruptcy would last no more than two or three days, and suggest that any longer period would not be acceptable to the Ricketts family or lenders, and could have a detrimental effect on the Cubs, especially regarding player contract negotiations and sponsorship agreements.

"Potential sponsors will doubtless be reluctant to direct their advertising spending towards an entity in Chapter 11, regardless of the assurances that are provided about that process," Tribune attorneys wrote in a court filing.

Tribune attorneys assert in court papers that the sale to the Ricketts family is the result of a painstaking search for a buyer that began more than two years ago and represents "one of the most extensive marketing processes for a business presented to a bankruptcy court." As such, they argue, it should not be subject to a further search or a bankruptcy auction. Any auction process will likely result in expiration of deadlines and potentially oblige Tribune to pay a breakup fee, they warned.

Krakauer noted, for example, that if court approval of the deal is not obtained by Nov. 6, Tribune would owe $5 million to the Ricketts family.

While approving the proposed sale process, Carey expressed concern about Tribune's assertion that no auction for the Cubs is needed.<!--QuoteEnd--><!--QuoteEEnd-->

[1060Ivy]

Does anyone have any faith that the Cubs ownership transfer will be "completed" before end of November so if the Ricketts family find a pot of gold, the team will have the ability to actually spend it in the offseason?

[rok]

<!--quoteo(post=60988:date=Sep 1 2009, 03:45 PM:name=1060Ivy)-->QUOTE (1060Ivy @ Sep 1 2009, 03:45 PM) <{POST_SNAPBACK}><!--quotec-->Does anyone have any faith that the Cubs ownership transfer will be "completed" before end of November so if the Ricketts family find a pot of gold, the team will have the ability to actually spend it in the offseason?<!--QuoteEnd--><!--QuoteEEnd-->
I'm going to have to say yes because the bankruptcy judge seems to want to get this over with, and pump cash into the creditors' hands. That's the only reason why I have faith in the process. Otherwise I'd still be cynical. I think the owners want it to be done as well.

[vitaminB]

<!--quoteo(post=60988:date=Sep 1 2009, 04:45 PM:name=1060Ivy)-->QUOTE (1060Ivy @ Sep 1 2009, 04:45 PM) <{POST_SNAPBACK}><!--quotec-->Does anyone have any faith that the Cubs ownership transfer will be "completed" before end of November so if the Ricketts family find a pot of gold, the team will have the ability to actually spend it in the offseason?<!--QuoteEnd--><!--QuoteEEnd-->

Do we really want this team to turn into the Yankees? Don't we have enough cash tied up in over the hill FA signings?

[PcB]

<!--quoteo(post=61006:date=Sep 1 2009, 04:14 PM:name=vitaminB)-->QUOTE (vitaminB @ Sep 1 2009, 04:14 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=60988:date=Sep 1 2009, 04:45 PM:name=1060Ivy)--><div class='quotetop'>QUOTE (1060Ivy @ Sep 1 2009, 04:45 PM) <{POST_SNAPBACK}><!--quotec-->Does anyone have any faith that the Cubs ownership transfer will be "completed" before end of November so if the Ricketts family find a pot of gold, the team will have the ability to actually spend it in the offseason?<!--QuoteEnd--><!--QuoteEEnd-->

Do we really want this team to turn into the Yankees? Don't we have enough cash tied up in over the hill FA signings?
<!--QuoteEnd--></div><!--QuoteEEnd-->
Yes I want this team to turn into the Yankees. I can't think of one person on this team that has a long-term contract that is "over the hill".

Soriano - 33
Fuk - 32
Bradley - 31
ARam - 31
Lee - 34
Z - 28


I don't consider any of these guys over the hill... yet.

[Bricklayer]

<!--quoteo(post=61006:date=Sep 1 2009, 04:14 PM:name=vitaminB)-->QUOTE (vitaminB @ Sep 1 2009, 04:14 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=60988:date=Sep 1 2009, 04:45 PM:name=1060Ivy)--><div class='quotetop'>QUOTE (1060Ivy @ Sep 1 2009, 04:45 PM) <{POST_SNAPBACK}><!--quotec-->Does anyone have any faith that the Cubs ownership transfer will be "completed" before end of November so if the Ricketts family find a pot of gold, the team will have the ability to actually spend it in the offseason?<!--QuoteEnd--><!--QuoteEEnd-->

Do we really want this team to turn into the Yankees? Don't we have enough cash tied up in over the hill FA signings?



<!--QuoteEnd--></div><!--QuoteEEnd-->

Are you talking about the 26 time WS Champ Yankees? The 6 time champs in my lifetime, Yankees? The current best team in baseball Yankees?

Yeah, who would want to be that?

Moran.

[1060Ivy]

<!--quoteo(post=60989:date=Sep 1 2009, 03:49 PM:name=rok)-->QUOTE (rok @ Sep 1 2009, 03:49 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=60988:date=Sep 1 2009, 03:45 PM:name=1060Ivy)--><div class='quotetop'>QUOTE (1060Ivy @ Sep 1 2009, 03:45 PM) <{POST_SNAPBACK}><!--quotec-->Does anyone have any faith that the Cubs ownership transfer will be "completed" before end of November so if the Ricketts family find a pot of gold, the team will have the ability to actually spend it in the offseason?<!--QuoteEnd--><!--QuoteEEnd-->
I'm going to have to say yes because the bankruptcy judge seems to want to get this over with, and pump cash into the creditors' hands. That's the only reason why I have faith in the process. Otherwise I'd still be cynical. I think the owners want it to be done as well.
<!--QuoteEnd--></div><!--QuoteEEnd-->

The Cubs and the bankruptcy judge might want to keep it moving but do the creditors or some of the major league owners?

[PcB]

Average MLB Team Age

1 Philadelphia - 30.2
2 Houston - 29.6
3 St. Louis - 29.1
4 LA Dodgers - 29.1
5 NY Mets - 29.1
6 Tampa Bay - 29.0
7 Chicago Sox - 28.9
8 Boston - 28.7
9 Milwaukee - 28.7
<b>10 Chicago Cubs - 28.7</b>
11 NY Yankees - 28.5
12 Toronto - 28.5
13 Atlanta - 28.1
14 Colorado - 28.0
15 LA Angels - 28.0
16 San Francisco - 27.9
17 Kansas City - 27.9
18 Detroit - 27.8
19 Cincinnati - 27.6
20 Washington - 27.3
21 Seattle - 27.3
22 Texas - 27.3
23 Minnesota - 27.3
24 Baltimore - 27.2
25 San Diego - 27.0
26 Oakland - 27.0
27 Florida - 27.0
28 Arizona - 26.7
29 Cleveland - 26.1
30 Pittsburgh - 25.8

I'd say we're not terribly old. Also, 5 of the teams that are older than us are going to the playoffs. Being an "older" team isn't really our problem. The Cubs problem is having a load of injuries and people having down years. Bring back the same team with some tinkering and we'll be fine.

ESPN Link

[PcB]

<!--quoteo(post=61016:date=Sep 1 2009, 04:38 PM:name=Bricklayer)-->QUOTE (Bricklayer @ Sep 1 2009, 04:38 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61006:date=Sep 1 2009, 04:14 PM:name=vitaminB)--><div class='quotetop'>QUOTE (vitaminB @ Sep 1 2009, 04:14 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=60988:date=Sep 1 2009, 04:45 PM:name=1060Ivy)--><div class='quotetop'>QUOTE (1060Ivy @ Sep 1 2009, 04:45 PM) <{POST_SNAPBACK}><!--quotec-->Does anyone have any faith that the Cubs ownership transfer will be "completed" before end of November so if the Ricketts family find a pot of gold, the team will have the ability to actually spend it in the offseason?<!--QuoteEnd--><!--QuoteEEnd-->

Do we really want this team to turn into the Yankees? Don't we have enough cash tied up in over the hill FA signings?



<!--QuoteEnd--></div><!--QuoteEEnd-->

Are you talking about the 26 time WS Champ Yankees? The 6 time champs in my lifetime, Yankees? The current best team in baseball Yankees?

Yeah, who would want to be that?

Moran.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I love Brick.

[Butcher]

<!--quoteo(post=61018:date=Sep 1 2009, 04:46 PM:name=PcB)-->QUOTE (PcB @ Sep 1 2009, 04:46 PM) <{POST_SNAPBACK}><!--quotec-->Average MLB Team Age

1 Philadelphia - 30.2
2 Houston - 29.6
3 St. Louis - 29.1
4 LA Dodgers - 29.1
5 NY Mets - 29.1
6 Tampa Bay - 29.0
7 Chicago Sox - 28.9
8 Boston - 28.7
9 Milwaukee - 28.7
<b>10 Chicago Cubs - 28.7</b>
11 NY Yankees - 28.5
12 Toronto - 28.5
13 Atlanta - 28.1
14 Colorado - 28.0
15 LA Angels - 28.0
16 San Francisco - 27.9
17 Kansas City - 27.9
18 Detroit - 27.8
19 Cincinnati - 27.6
20 Washington - 27.3
21 Seattle - 27.3
22 Texas - 27.3
23 Minnesota - 27.3
24 Baltimore - 27.2
25 San Diego - 27.0
26 Oakland - 27.0
27 Florida - 27.0
28 Arizona - 26.7
29 Cleveland - 26.1
30 Pittsburgh - 25.8

I'd say we're not terribly old. Also, 5 of the teams that are older than us are going to the playoffs. Being an "older" team isn't really our problem. The Cubs problem is having a load of injuries and people having down years. Bring back the same team with some tinkering and we'll be fine.

ESPN Link<!--QuoteEnd--><!--QuoteEEnd-->
Unfortunately, most of our good players are on the wrong side of 30.

[PcB]

<!--quoteo(post=61020:date=Sep 1 2009, 04:49 PM:name=Butcher)-->QUOTE (Butcher @ Sep 1 2009, 04:49 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61018:date=Sep 1 2009, 04:46 PM:name=PcB)--><div class='quotetop'>QUOTE (PcB @ Sep 1 2009, 04:46 PM) <{POST_SNAPBACK}><!--quotec-->Average MLB Team Age

1 Philadelphia - 30.2
2 Houston - 29.6
3 St. Louis - 29.1
4 LA Dodgers - 29.1
5 NY Mets - 29.1
6 Tampa Bay - 29.0
7 Chicago Sox - 28.9
8 Boston - 28.7
9 Milwaukee - 28.7
<b>10 Chicago Cubs - 28.7</b>
11 NY Yankees - 28.5
12 Toronto - 28.5
13 Atlanta - 28.1
14 Colorado - 28.0
15 LA Angels - 28.0
16 San Francisco - 27.9
17 Kansas City - 27.9
18 Detroit - 27.8
19 Cincinnati - 27.6
20 Washington - 27.3
21 Seattle - 27.3
22 Texas - 27.3
23 Minnesota - 27.3
24 Baltimore - 27.2
25 San Diego - 27.0
26 Oakland - 27.0
27 Florida - 27.0
28 Arizona - 26.7
29 Cleveland - 26.1
30 Pittsburgh - 25.8

I'd say we're not terribly old. Also, 5 of the teams that are older than us are going to the playoffs. Being an "older" team isn't really our problem. The Cubs problem is having a load of injuries and people having down years. Bring back the same team with some tinkering and we'll be fine.

ESPN Link<!--QuoteEnd--><!--QuoteEEnd-->
Unfortunately, most of our good players are on the wrong side of 30.
<!--QuoteEnd--></div><!--QuoteEEnd-->
That's true, but it's not like they're all super old. Lee is the oldest at 34, and he's only signed through next year.

I understand the beef with Soriano, but there is no way he's dropped off this much in one year. I think he'll be good for us for a few more years. Obviously I don't think he'll stay with us through his whole contract, but I'll take him for a few more years. He's really just a little part of the problem.

[Butcher]

<!--quoteo(post=61022:date=Sep 1 2009, 04:59 PM:name=PcB)-->QUOTE (PcB @ Sep 1 2009, 04:59 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61020:date=Sep 1 2009, 04:49 PM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Sep 1 2009, 04:49 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61018:date=Sep 1 2009, 04:46 PM:name=PcB)--><div class='quotetop'>QUOTE (PcB @ Sep 1 2009, 04:46 PM) <{POST_SNAPBACK}><!--quotec-->Average MLB Team Age

1 Philadelphia - 30.2
2 Houston - 29.6
3 St. Louis - 29.1
4 LA Dodgers - 29.1
5 NY Mets - 29.1
6 Tampa Bay - 29.0
7 Chicago Sox - 28.9
8 Boston - 28.7
9 Milwaukee - 28.7
<b>10 Chicago Cubs - 28.7</b>
11 NY Yankees - 28.5
12 Toronto - 28.5
13 Atlanta - 28.1
14 Colorado - 28.0
15 LA Angels - 28.0
16 San Francisco - 27.9
17 Kansas City - 27.9
18 Detroit - 27.8
19 Cincinnati - 27.6
20 Washington - 27.3
21 Seattle - 27.3
22 Texas - 27.3
23 Minnesota - 27.3
24 Baltimore - 27.2
25 San Diego - 27.0
26 Oakland - 27.0
27 Florida - 27.0
28 Arizona - 26.7
29 Cleveland - 26.1
30 Pittsburgh - 25.8

I'd say we're not terribly old. Also, 5 of the teams that are older than us are going to the playoffs. Being an "older" team isn't really our problem. The Cubs problem is having a load of injuries and people having down years. Bring back the same team with some tinkering and we'll be fine.

ESPN Link<!--QuoteEnd--><!--QuoteEEnd-->
Unfortunately, most of our good players are on the wrong side of 30.
<!--QuoteEnd--></div><!--QuoteEEnd-->
That's true, but it's not like they're all super old. Lee is the oldest at 34, and he's only signed through next year.

I understand the beef with Soriano, but there is no way he's dropped off this much in one year. I think he'll be good for us for a few more years. Obviously I don't think he'll stay with us through his whole contract, but I'll take him for a few more years. He's really just a little part of the problem.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I wouldn't be surprised at all if Soriano is really 36 or 37.

[PcB]

<!--quoteo(post=61023:date=Sep 1 2009, 05:01 PM:name=Butcher)-->QUOTE (Butcher @ Sep 1 2009, 05:01 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61022:date=Sep 1 2009, 04:59 PM:name=PcB)--><div class='quotetop'>QUOTE (PcB @ Sep 1 2009, 04:59 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61020:date=Sep 1 2009, 04:49 PM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Sep 1 2009, 04:49 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61018:date=Sep 1 2009, 04:46 PM:name=PcB)--><div class='quotetop'>QUOTE (PcB @ Sep 1 2009, 04:46 PM) <{POST_SNAPBACK}><!--quotec-->Average MLB Team Age

1 Philadelphia - 30.2
2 Houston - 29.6
3 St. Louis - 29.1
4 LA Dodgers - 29.1
5 NY Mets - 29.1
6 Tampa Bay - 29.0
7 Chicago Sox - 28.9
8 Boston - 28.7
9 Milwaukee - 28.7
<b>10 Chicago Cubs - 28.7</b>
11 NY Yankees - 28.5
12 Toronto - 28.5
13 Atlanta - 28.1
14 Colorado - 28.0
15 LA Angels - 28.0
16 San Francisco - 27.9
17 Kansas City - 27.9
18 Detroit - 27.8
19 Cincinnati - 27.6
20 Washington - 27.3
21 Seattle - 27.3
22 Texas - 27.3
23 Minnesota - 27.3
24 Baltimore - 27.2
25 San Diego - 27.0
26 Oakland - 27.0
27 Florida - 27.0
28 Arizona - 26.7
29 Cleveland - 26.1
30 Pittsburgh - 25.8

I'd say we're not terribly old. Also, 5 of the teams that are older than us are going to the playoffs. Being an "older" team isn't really our problem. The Cubs problem is having a load of injuries and people having down years. Bring back the same team with some tinkering and we'll be fine.

ESPN Link<!--QuoteEnd--><!--QuoteEEnd-->
Unfortunately, most of our good players are on the wrong side of 30.
<!--QuoteEnd--></div><!--QuoteEEnd-->
That's true, but it's not like they're all super old. Lee is the oldest at 34, and he's only signed through next year.

I understand the beef with Soriano, but there is no way he's dropped off this much in one year. I think he'll be good for us for a few more years. Obviously I don't think he'll stay with us through his whole contract, but I'll take him for a few more years. He's really just a little part of the problem.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I wouldn't be surprised at all if Soriano is really 36 or 37.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Do you think this years Soriano is the real Soriano that we'll be seeing from now on?

[Butcher]

<!--quoteo(post=61024:date=Sep 1 2009, 05:03 PM:name=PcB)-->QUOTE (PcB @ Sep 1 2009, 05:03 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61023:date=Sep 1 2009, 05:01 PM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Sep 1 2009, 05:01 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61022:date=Sep 1 2009, 04:59 PM:name=PcB)--><div class='quotetop'>QUOTE (PcB @ Sep 1 2009, 04:59 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61020:date=Sep 1 2009, 04:49 PM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Sep 1 2009, 04:49 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=61018:date=Sep 1 2009, 04:46 PM:name=PcB)--><div class='quotetop'>QUOTE (PcB @ Sep 1 2009, 04:46 PM) <{POST_SNAPBACK}><!--quotec-->Average MLB Team Age

1 Philadelphia - 30.2
2 Houston - 29.6
3 St. Louis - 29.1
4 LA Dodgers - 29.1
5 NY Mets - 29.1
6 Tampa Bay - 29.0
7 Chicago Sox - 28.9
8 Boston - 28.7
9 Milwaukee - 28.7
<b>10 Chicago Cubs - 28.7</b>
11 NY Yankees - 28.5
12 Toronto - 28.5
13 Atlanta - 28.1
14 Colorado - 28.0
15 LA Angels - 28.0
16 San Francisco - 27.9
17 Kansas City - 27.9
18 Detroit - 27.8
19 Cincinnati - 27.6
20 Washington - 27.3
21 Seattle - 27.3
22 Texas - 27.3
23 Minnesota - 27.3
24 Baltimore - 27.2
25 San Diego - 27.0
26 Oakland - 27.0
27 Florida - 27.0
28 Arizona - 26.7
29 Cleveland - 26.1
30 Pittsburgh - 25.8

I'd say we're not terribly old. Also, 5 of the teams that are older than us are going to the playoffs. Being an "older" team isn't really our problem. The Cubs problem is having a load of injuries and people having down years. Bring back the same team with some tinkering and we'll be fine.

ESPN Link<!--QuoteEnd--><!--QuoteEEnd-->
Unfortunately, most of our good players are on the wrong side of 30.
<!--QuoteEnd--></div><!--QuoteEEnd-->
That's true, but it's not like they're all super old. Lee is the oldest at 34, and he's only signed through next year.

I understand the beef with Soriano, but there is no way he's dropped off this much in one year. I think he'll be good for us for a few more years. Obviously I don't think he'll stay with us through his whole contract, but I'll take him for a few more years. He's really just a little part of the problem.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I wouldn't be surprised at all if Soriano is really 36 or 37.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Do you think this years Soriano is the real Soriano that we'll be seeing from now on?
<!--QuoteEnd--></div><!--QuoteEEnd-->
No. I think he'll be much less shitty next season, to be honest.

[savant]

If Soriano was found to be the 36 o 37 instead of 33 could the Cubs void his contract?