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Winning Bidder Could Be Announced Within A Week
Our payroll is already gigantic, one of the highest in all pro sports.
How the money is spent?
<b>THAT</b> is what Ricketts needs to address, and soon.
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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<!--quoteo(post=48546:date=Jul 7 2009, 03:08 PM:name=KBwsb)-->QUOTE (KBwsb @ Jul 7 2009, 03:08 PM) <{POST_SNAPBACK}><!--quotec-->Our payroll is already gigantic, one of the highest in all pro sports.
How the money is spent?
<b>THAT</b> is what Ricketts needs to address, and soon.<!--QuoteEnd--><!--QuoteEEnd-->
He's not gonna be able to do that soon. The Cubs have a large chunk of their payroll already tied up for the near future. If there's gonna be some sort of shift in salary philosophy and payroll structure, it's not gonna happen for another 4-5 years.
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8 years, $136M.

Those figures are going to haunt us for the next 5 years.
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I'm not going to complain since I was happy that for the first time in my life, the Cubs signed the premiere free agent on the market. Is it a shitty contract? Sure. But I can't get worked up over it.

Fukudome, Bradley and Miles however...
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Fukudome, Bradley, and even Miles' contracts are going to seem like bargains by the time we are done with Soriano's contract. I hated it at the time, and I will be hating it for the next five years.
"Drink Up and Beat Off!"
-KBWSB

"Will I be looked on poorly if my religion involved punting little people?"
-Jody
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I was just thinking of this. I might need help from the business majors amongst us.

Why doesn't the trib just quit publishing and manage the cubs full time? It's not like there is any real hope of reviving the newspaper industry. They are selling off their best asset and only real money maker.

With that being said, I am glad they are selling cause I'm tired of having a board of directors instead of just one angry owner who wants to win now and doesn't care about the bottom line. But it just doesn't make any sense to me.
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I think Zell paid something like $12 billion for the tribune, and he is selling the Cubs for less than $1 billion.
"Drink Up and Beat Off!"
-KBWSB

"Will I be looked on poorly if my religion involved punting little people?"
-Jody
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Has anyone seen the % of the offers that are being funded with debt vs equity? I'm curious in either deal what the cost of that debt will be and how it will impact cash flows.
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<!--quoteo(post=48655:date=Jul 8 2009, 12:39 AM:name=cherp)-->QUOTE (cherp @ Jul 8 2009, 12:39 AM) <{POST_SNAPBACK}><!--quotec-->Has anyone seen the % of the offers that are being funded with debt vs equity? I'm curious in either deal what the cost of that debt will be and how it will impact cash flows.<!--QuoteEnd--><!--QuoteEEnd-->

I don't have it on the top of my head, but it's out there, at least with regards to Ricketts' offer. I wrote a Bleacher Nation post breaking down the financing about a month ago. I'm lazy, or I'd dig it up.
Cubs News and Rumors at Bleacher Nation.
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<!--quoteo-->QUOTE <!--quotec-->When the billionaire Ricketts family gets the "play ball" sign from the closed fraternity of baseball owners, one of the first hurdles will be what to do about 95-year-old Wrigley Field.

On the table is a $250 million makeover timed to celebrate the ballpark's 100th anniversary and update the shrine of Major League Baseball to last for another century -- <b>and possibly host the 2014 All-Star Game</b>.

Known as Wrigley 2014, the plan calls for new concourses, washrooms, concessions, skyboxes and a club seating lounge.

Adjacent to the ballpark, the team would finally develop the so-called triangle building and turn the street in between into a Fenway Park-style pedestrian promenade bustling with shops and restaurants.

The five-story triangle building promised to Wrigleyville residents in exchange for a bleacher expansion was supposed to house a 400-space garage, upscale restaurants, retail stores and rooftop garden and below-ground batting cages, pitching mounds and player workout facilities.

The $100 million building has since been redesigned to include more retail and office space at the expense of parking, with a stadium club replacing the rooftop garden. A smaller garage could be built on less valuable land away from Wrigley.

Sources said Tom Ricketts, the family's point man on the Cubs sale, has seen all of the renderings, but has not yet signed off on a specific renovation plan.

"We'll let the new owners speak to the future of Wrigley Field," Cubs Chairman Crane Kenney said Monday.

But after paying nearly $900 million for the Cubs and struggling to secure debt in a worldwide credit crunch, how extensive of a renovation would the Ricketts family be able to afford or be willing to bankroll?

"Presuming Tom and the family get this deal done and Major League Baseball approves them, then they'll sit down and look at all of the Wrigley plans and see what they want to do going forward," said Ricketts family spokesman Dennis Culloton.

Culloton reiterated that the family has no interest in reviving an ill-fated plan to have the state buy and renovate Wrigley. The plan surfaced under former Gov. Rod Blagojevich.

Despite the 2004 embarrassment tied to falling concrete, sources said the Ricketts family could decide to stand pat for a while. "The ballpark is safe and structurally sound. Substantial resources have been put into maintaining it," said a source familiar with the issue.<!--QuoteEnd--><!--QuoteEEnd-->
Link
This is not some silly theory that's unsupported and deserves being mocked by photos of Xena.  [Image: ITgoyeg.png]
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<!--quoteo-->QUOTE <!--quotec-->Cubs may file bankruptcy

Tribune staff report
7:55 AM CDT, July 13, 2009

The Chicago Cubs may consider a bankruptcy filing, according to published reports.

The National League ballclub would be the first team in nearly four decades to do so, according to Bloomberg News. The move comes as Cubs parent Tribune Co. works to sell the team.

The prepackaged bankruptcy would be designed to clear the team of liabilities and make its sale easier.<!--QuoteEnd--><!--QuoteEEnd-->
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<!--quoteo(post=49567:date=Jul 13 2009, 09:55 AM:name=rok)-->QUOTE (rok @ Jul 13 2009, 09:55 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Cubs may file bankruptcy

Tribune staff report
7:55 AM CDT, July 13, 2009

The Chicago Cubs may consider a bankruptcy filing, according to published reports.

The National League ballclub would be the first team in nearly four decades to do so, according to Bloomberg News. The move comes as Cubs parent Tribune Co. works to sell the team.

The prepackaged bankruptcy would be designed to clear the team of liabilities and make its sale easier.<!--QuoteEnd--><!--QuoteEEnd-->
<!--QuoteEnd--></div><!--QuoteEEnd-->
I assume that wouldn't let us dump player contracts.
This is not some silly theory that's unsupported and deserves being mocked by photos of Xena.  [Image: ITgoyeg.png]
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<!--quoteo(post=49568:date=Jul 13 2009, 08:56 AM:name=Kid)-->QUOTE (Kid @ Jul 13 2009, 08:56 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=49567:date=Jul 13 2009, 09:55 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Jul 13 2009, 09:55 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Cubs may file bankruptcy

Tribune staff report
7:55 AM CDT, July 13, 2009

The Chicago Cubs may consider a bankruptcy filing, according to published reports.

The National League ballclub would be the first team in nearly four decades to do so, according to Bloomberg News. The move comes as Cubs parent Tribune Co. works to sell the team.

The prepackaged bankruptcy would be designed to clear the team of liabilities and make its sale easier.<!--QuoteEnd--><!--QuoteEEnd-->
<!--QuoteEnd--></div><!--QuoteEEnd-->
I assume that wouldn't let us dump player contracts.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Probably not. I'd be interested to see the angle the team takes as to why they are bankrupt, considering that aside from long-term liabilities, mainly player contracts greater than 3 years, the team has virtually zero debt.
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I don't get it.
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<!--quoteo(post=49575:date=Jul 13 2009, 09:32 AM:name=Butcher)-->QUOTE (Butcher @ Jul 13 2009, 09:32 AM) <{POST_SNAPBACK}><!--quotec-->I don't get it.<!--QuoteEnd--><!--QuoteEEnd-->

It's actually pretty simple. The Cubs needed to clear some payroll for Bradley, so THAT is why they traded DeRosa.
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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