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<!--quoteo(post=45160:date=Jun 19 2009, 10:31 AM:name=1060Ivy)-->QUOTE (1060Ivy @ Jun 19 2009, 10:31 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=45147:date=Jun 19 2009, 07:32 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Jun 19 2009, 07:32 AM) <{POST_SNAPBACK}><!--quotec-->How is Ricketts more at fault than Zell because of the credit markets? And if you are buying something, and feel you were misled by a portion of the sale (which is a very long term contract like the broadcast rights) wouldn't you try to get the most fair deal possible? The problem is the Trib being so secretive and lumping most of their Cubs revenue into the broadcast division. They did this to play a virtual shell game for tax purposes. Zell and the Trib are the ones who need to clarify their structure and financial statements, not Ricketts. They have everything in place to close the deal. Zell has been a dick throughout this entire process. And don't even get me started on him dealing under the table with Blago on selling Wrigley.<!--QuoteEnd--><!--QuoteEEnd-->
When one party agrees to purchase something for $XX then decides that it doesn't want to purchase it for that amount. At the same time, that party decides they are still willing to purchase it for less due to how they finally decided to value a portion of the deal and due to changes in the finance market, I consider the first party at fault.
As you mentioned, the Tribune most likely set up the structure for tax purposes but in addition the Trib may have wanted to hide money from baseball revenue sharing arrangements. Now these same structures set up in the late 80's and 90's make it a more complex deal to value - which all parties were aware of before starting discussions. All these structures were in place for years before Zell was involved with the Tribune so I don't see how he is at fault.
What I believe is happening is that the Ricketts did not anticipate the changes in the credit markets nor the recessions ability to hit into the valuation as much as it has so now they want to cut a better deal.
Zell wants to get the most for his asset and doesn't want to take 6% less than original deal so he is reopening the bidding phase.
We will see if either party blinks. Hopefully soon so the deal can be completed and payroll can be added for the 2009 season.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Fair enough, but I don't fault the Ricketts for complaining about a convoluted broadcasting structure that was never opened up and made clear until recently. All reports have indicated that the "books" that were shared with potential owners were NOT clear, and only until the Ricketts were named as exclusive bidder, were the details made available so that the proper due diligence could be done.
I don't blame Zell for the structure being in place, but I do blame him for not having his minions properly disclose all the nuances of the deal.
And again, the Ricketts still have the upper hand because no one else can even come close to the cash they have at the moment, and financing is already lined up. They will come to some middle ground on that reasoning alone, but let's not act as though Zell has done everything by the book and is getting screwed. He won't be in charge for long anyway, so he's desperate to save his reputation as quickly as possible. Banks will intervene and boot him out sooner rather than later.
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<!--quoteo-->QUOTE <!--quotec-->Dallas Mavericks owner Mark Cuban said he has no plans to become a candidate again to own the Chicago Cubs, despite reports that the bidding has been reopened.
"No plans to get back in the mix," Cuban wrote to ESPNChicago.com.
Cuban once was a candidate before the Ricketts family won exclusive bidding rights. But the exclusivity period with the Ricketts family has expired.
ESPNChicago.com's Bruce Levine quoted a source saying Sam Zell has reopened negotiations with a group out of New York led by Marc Utay, who is a former North Suburban Chicago resident, and Leo Hindery.
Utay's group had been one of the three finalists.<!--QuoteEnd--><!--QuoteEEnd-->
There's nothing better than to realize that the good things about youth don't end with youth itself. It's a matter of realizing that life can be renewed every day you get out of bed without baggage. It's tough to get there, but it's better than the dark thoughts. -Lance
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This is getting to be a joke now.
http://www.chicagobusiness.com/cgi-bin/news.pl?id=34498
<!--quoteo-->QUOTE <!--quotec-->Tribune Co. could end up with bigger stake in Cubs
By: Mike Colias June 22, 2009
(Crain’s) – Tribune Co. could retain a bigger-than-expected stake in the Chicago Cubs should its freshly re-opened talks with a New York investment group lead to a deal.
The group’s original bid, led by Glenview native and New York private-equity investor Marc Utay, proposed that Tribune keep 22% to 25% of the team, according to a person familiar with the matter.
Mr. Utay’s bid was thought to be runner-up to the roughly $900-million offer from the family of Chicago bond salesman Tom Ricketts. Tribune recently resumed discussions with Mr. Utay’s group following five months of exclusive negotiations with the Ricketts clan, several news outlets reported last week.
It’s unclear whether Mr. Utay’s original proposal is still in play, or if it’s been revised. The value of his bid could not be learned.
Tribune now is discussing deals with both groups to sell the team, Wrigley Field and the company’s 25% stake in Comcast SportsNet, after talks with the Ricketts camp stalled on a disagreement over the value of Tribune-owned WGN network’s contract to broadcast Cubs games.
For a deal like Mr. Utay’s original plan to work, Tribune’s creditors would have to accept a larger equity stake in lieu of cash. The team is not included in Tribune’s ongoing Chapter 11 bankruptcy proceedings, but the sale effectively would need the creditors’ blessing.
“There is more to consider than how many dollars you get upfront,” said a person close to the Tribune. “The (Tribune), board and creditors all want to do a deal in the best interest of the company long term.”
In general, creditors have become more open in recent years to accepting equity stakes instead of cash, said Douglas Baird, a bankruptcy expert at the University of Chicago.
“If Tribune’s investors thought holding onto a 25% stake in the Cubs provides the maximum value long term, then they’d be fine with that,” Mr. Baird said<!--QuoteEnd--><!--QuoteEEnd-->
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Now they're saying things have picked back up with the Ricketts family.
http://www.chicagotribune.com/business/chi...0,5395744.story
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<!--quoteo(post=46581:date=Jun 26 2009, 11:48 PM:name=vegascub)-->QUOTE (vegascub @ Jun 26 2009, 11:48 PM) <{POST_SNAPBACK}><!--quotec-->Now they're saying things have picked back up with the Ricketts family.
http://www.chicagotribune.com/business/chi...0,5395744.story<!--QuoteEnd--><!--QuoteEEnd-->
Well, thank goodness for that. I really think it's in the best interests of the Cubs to have a sole owner-type. Especially one who is Butcher's neighbor.
There's nothing better than to realize that the good things about youth don't end with youth itself. It's a matter of realizing that life can be renewed every day you get out of bed without baggage. It's tough to get there, but it's better than the dark thoughts. -Lance
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Yep, the MLB site confirmed it. They have to get something done before the season is over. If not, what happens is anybody's guess.
http://mlb.mlb.com/news/article.jsp?ymd=20...rtnerId=rss_chc
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<!--quoteo(post=46583:date=Jun 27 2009, 12:18 AM:name=KBwsb)-->QUOTE (KBwsb @ Jun 27 2009, 12:18 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=46581:date=Jun 26 2009, 11:48 PM:name=vegascub)--><div class='quotetop'>QUOTE (vegascub @ Jun 26 2009, 11:48 PM) <{POST_SNAPBACK}><!--quotec-->Now they're saying things have picked back up with the Ricketts family.
http://www.chicagotribune.com/business/chi...0,5395744.story<!--QuoteEnd--><!--QuoteEEnd-->
Well, thank goodness for that. I really think it's in the best interests of the Cubs to have a sole owner-type. Especially one who is Butcher's neighbor.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I actually know Ricketts neighbor, he works at my company. They're good friends. One of my buddies at work got to talk to Ricketts a few weeks ago.
Was that kinda Gabby of me?
Some men are born mediocre, some men achieve mediocrity, and some men have mediocrity thrust upon them.
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<!--quoteo(post=46638:date=Jun 27 2009, 01:25 PM:name=Bricklayer)-->QUOTE (Bricklayer @ Jun 27 2009, 01:25 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=46583:date=Jun 27 2009, 12:18 AM:name=KBwsb)--><div class='quotetop'>QUOTE (KBwsb @ Jun 27 2009, 12:18 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=46581:date=Jun 26 2009, 11:48 PM:name=vegascub)--><div class='quotetop'>QUOTE (vegascub @ Jun 26 2009, 11:48 PM) <{POST_SNAPBACK}><!--quotec-->Now they're saying things have picked back up with the Ricketts family.
http://www.chicagotribune.com/business/chi...0,5395744.story<!--QuoteEnd--><!--QuoteEEnd-->
Well, thank goodness for that. I really think it's in the best interests of the Cubs to have a sole owner-type. Especially one who is Butcher's neighbor.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I actually know Ricketts neighbor, he works at my company. They're good friends. One of my buddies at work got to talk to Ricketts a few weeks ago.
Was that kinda Gabby of me?
<!--QuoteEnd--></div><!--QuoteEEnd-->
Yeah, it was. But since this is an isolated incident and since you didn't actually have personal contact with anyone other than 2nd hand, I give you a Gabby pass.
I'm 100% fine with this. I'm just glad there's an actual plan in place that isn't, "Let's load up on retreads and hope we get lucky." I'm a little tired of that plan.
Butcher
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Just saw, sale could be done within 2 weeks, and completed by the end of August.
I wish that I believed in Fate. I wish I didn't sleep so late. I used to be carried in the arms of cheerleaders.
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I didn't realize that Kap had this blog, but yeah that's exactly what he's reporting.
http://www.chicagonow.com/blogs/david-kapl...-done-soon.html
<!--quoteo-->QUOTE <!--quotec-->According to a good baseball source I spoke with a few hours ago, the Cubs sale is far more imminent than it was once believed. Tom Ricketts and the Tribune Company are working towards the deal that would give Ricketts possession of the Cubs and it should be done in the next two weeks, barring any unforseen circumstance.
Since Major League Baseball then has to approve the deal before Ricketts is officially the Cubs new owner, the entire process should be finalized before the end of August.<!--QuoteEnd--><!--QuoteEEnd-->
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Also Kap reported this in his blog from the other night:
http://www.chicagonow.com/blogs/david-ka...go-sports/
<!--quoteo-->QUOTE <!--quotec-->If you were paying attention to the Brewers/Cubs game at Wrigley Field tonight and watched the TV broadcast you probably saw a gentleman behind the Cubs on deck circle who was eating a hot dog and cheering for his Cubs just like any other fan. However, this fan had his eyes on the action as he imagined what changes he would make if he owned the team.
Well, the man who was sitting in those seats was Tom Ricketts who is working to complete his purchase of the Cubs from Tribune Company. Sources close to the sale tell me that the final hurdles are about to be cleared and that this deal is finally close to completion. Ricketts is a die hard Cubs fan and from watching him at the game you can tell that he is making this purchase because of his passion for the North Siders.
From what I am hearing, the radio/TV rights deals have been a stumbling block but after several discussions it appears that Ricketts and the Tribune Co. have found a common ground. This deal should move quickly through the approval process as soon as the final terms of the sale agreement are completed.<!--QuoteEnd--><!--QuoteEEnd-->
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<!--quoteo(post=46638:date=Jun 27 2009, 12:25 PM:name=Bricklayer)-->QUOTE (Bricklayer @ Jun 27 2009, 12:25 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=46583:date=Jun 27 2009, 12:18 AM:name=KBwsb)--><div class='quotetop'>QUOTE (KBwsb @ Jun 27 2009, 12:18 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=46581:date=Jun 26 2009, 11:48 PM:name=vegascub)--><div class='quotetop'>QUOTE (vegascub @ Jun 26 2009, 11:48 PM) <{POST_SNAPBACK}><!--quotec-->Now they're saying things have picked back up with the Ricketts family.
http://www.chicagotribune.com/business/chi...0,5395744.story<!--QuoteEnd--><!--QuoteEEnd-->
Well, thank goodness for that. I really think it's in the best interests of the Cubs to have a sole owner-type. Especially one who is Butcher's neighbor.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I actually know Ricketts neighbor, he works at my company. They're good friends. One of my buddies at work got to talk to Ricketts a few weeks ago.
<!--coloro:#0000FF--> <!--/coloro-->Was that kinda Gabby of me?<!--colorc-->
<!--/colorc-->
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Hell, no! Are you kidding? You happen to be pals with a guy who actually chats with the new owner of the Cubs? That's freaking huge.
I think we should give Brick a 100% "Get out of Gabby jail" card from now on...any nugget we can get that's <i>straight from the horse's mouth</i> is infinitely more interesting than "rumors" and crapola they write in the paper.
Fuck yeah Brick!
There's nothing better than to realize that the good things about youth don't end with youth itself. It's a matter of realizing that life can be renewed every day you get out of bed without baggage. It's tough to get there, but it's better than the dark thoughts. -Lance
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http://www.chicagobreakingnews.com/2009/07...-finalized.html
hurray!
<!--quoteo-->QUOTE <!--quotec-->Tribune Co. finalizes deal to sell Cubs, Wrigley
July 6, 2009 10:23 AM | 3 Comments
Tribune Co. has reached a deal to sell the Chicago Cubs and Wrigley Field to the Ricketts family, a source familiar with matter said this morning.
The two sides finalized a sale agreement over the weekend and have forwarded the contract to Major League Baseball, the source said.
The deal must be approved by other baseball owners. With Tribune Co. operating under Chapter 11 bankruptcy, the sale also will need court approval.
The source said the sales price is "close" to the $900 million bid the Ricketts offered earlier this year that won an auction for the baseball team, stadium and a 25 percent stake in Comcast SportsNet Chicago, a regional cable television sports network.
--Ameet Sachdev<!--QuoteEnd--><!--QuoteEEnd-->
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Ricketts [img]style_emoticons/<#EMO_DIR#>/blowjob.gif[/img] Me
Just in time for the trade deadline.
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Sounds like Twitter is going nuts right now as well.
http://www.reuters.com/article/mergersNews...626049920090706
<!--quoteo-->QUOTE <!--quotec-->CHICAGO, July 6 (Reuters) - The Ricketts family has reached a deal to buy the storied Chicago Cubs baseball team from bankrupt media company Tribune Co for slightly less than the original $900 million bid, a source familiar with the deal said on Monday.
"There is a deal between the Ricketts and Tribune Co," said the source, who asked not to be identified because the agreement has not been announced.
Spokesmen for Ricketts and Tribune Co were not immediately available to comment.
The Ricketts family, led by Chicago investment banker Tom Ricketts, agreed in January to buy the team, its home park of Wrigley Field and a stake in a regional sports cable TV network for $900 million.
"The terms are very similar," the source said. "It's slightly less than that."<!--QuoteEnd--><!--QuoteEEnd-->
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