Sale of Cubs May Be Completed Before End of Civilization
Some more news has trickled out on the impending sale of the Cubs and Sam Zell is hinting that the Ricketts may not be the new owner afterall (emphasis added).
"These are very difficult times. These are difficult
times to arrange financing," Zell said in an interview, adding that if
the Ricketts deal falls through, he is confident the media
company--which filed for Chapter 11 bankruptcy protection in
December--will find another buyer for the ballclub.
"We’ve made it very public that the Cubs don’t fit into the long
term picture of the Tribune," he said. "So if the Ricketts deal doesn’t
get done, I’m sure there will be other ones."
Sure, a lot of people have $900M or so lying around to spend on the Cubs as evidenced by the three legitimate bids Zell actually received. Of those three bids, Ricketts was supposedly not the highest but offered the most money up front, so if financing is the issue, a deal that would require even more to be financed is probably not going to have much more luck than the Ricketts are having now.
Of course...financing really isn't the issue it appears. According to this story dated May 19th, the Ricketts already secured a little over $850M of that $900M original bid; $403M from the sale of stock in Ameritrade and another $450M secured in bank loans (Clarification: Technically $753M is secured with a $100M coming from a private placement by Barclays which we do not know the status of, although the Ricketts claim they can cover it if it falls through). There was that story of Ricketts looking for 10 or so investors at $25M a pop, including celebrities like John Cusack, Bill Murray and Jim Belushi, but that round of financing was supposedly not critical to get the deal done according to "sources". Crain's Chicago Business also echoes that the financing is already in place and explains the real delay.
Thomas Ricketts, who is leading his family’s bid for Tribune Co.’s Cubs, has lined up financing for the deal, but a dispute over price is delaying the transaction.
The Ricketts family, whose original bid was close to $900 million, now
believes the real price should be closer to $850 million, a source
said. The sides disagree over the value of the team’s multiyear
contract to broadcast games on Tribune’s WGN network.
At issue is about $40 million to $50 million — roughly 6% of the
original bid, which also includes Wrigley Field and a 25% stake in
regional cable channel Comcast Sports.
So the Ricketts are either short $50M in financing and trying to talk Zell down or they really are unhappy with the broadcast rights. I'm going with option B here. It appears the Tribune made sweetheart deals with WGN radio and television to broadcast the Cubs games at below fair market value for a contract up to 10 years sometime last fall. Ricketts isn't buying any stake of WGN, but is supposedly getting a 25% stake in the Comcast sports channel that already broadcasts about 80 games a year. So naturally, if he owns the cable company he'd like more games to go on there or be sure he's getting paid the appropriate amount in any licensing deal to WGN.
So don't believe the Zell lies, the money is there for Ricketts, Zell just isn't liking the terms.
Hat tip to waxpaperbeercup that has been all over the sale process, also check out Mark Cuban's blog on why he bowed out and wasn't going to pay anything near the $1 billion asking price at this time. End of the world coming Decemeber 21st, 2012...John Cusack (Cub fan) is starring. Coincidence? I think not.
"never been a fan of using closers in non-save situations." Tie game at home in the ninth, there can never be a save situation. So you're saying, don't use your best reliever today.
Sorry if this was covered in a different thread, but while I overall like this new design, the white type on the dark background is a killer. I may be in the minority on that. But again, nice job.
It was almost like Javy was saying, "see, O&B, same old Javy here." Guy's gotta learn you don't need to swing hard to knock a Chapman ball out of the park. Choke up, dude, follow Rizzo's lead.
The magic number is now 24.
Kershaw uses his 132nd pitch for his 15th K (Marlon Juice Byrd, with the tying run at 2nd), and the Dodgers sweep the Giants. Also, Pirates lose to the Brewers for the 5th straight time. So...with 30 to play, we are 6.5 up on SF (7 in loss column) and 8 up on the Nats, and still in contact (4.5 back) of the Pirates. Man, what a roller coaster the last 2 days -- fantastic stuff.
Schlitter still pitching for Iowa? Guess nobody wanted him?
JOHN B: Pierce Johnson and Rob Zastryzny were likely 2015 AFL candidates (I mentioned them as likely candidates to get assigned to the AFL in an article about the AFL last month) because they are starting pitchers who missed part of the season due to injuries and they need to accrue more innings.
I personally don't think managers use closers enough in tie games in the 9th. The mindset and adrenaline should be just like a save situation. You get the outs, you have a great chance of winning. You don't your team is screwed.
Also - what did Bosio say when we went to talk to Rondon? "OK, Hector, tie game, 9th inning, 2 outs, 2-0 count on the hottest hitter in the game. Let's try the ol' fastball right down the middle and see how that works, hmmm?" Terrible pitch. I've never been a fan of using closers in non-save situations -- they are used to pitching with adrenaline pumping and celebrating the last out of the inning. I realize it was a a swinging bunt and an error that caused the problem, but that may have been the worst pitch I have seen Rondon throw in a long time.
Ugly series save a few clutch Homeruns. 2 first inning Homeruns allowed. 2 complete innings (out of 27) with a lead (8th and 9th game 2). 6 Leads/Ties given up top half of the inning after scoring. 9 9th inning unearned runs. Brutal roadtrip coming up while SF plays 22 straight against teams with losing records. Like the Cubs odds, obviously, but long way to go.
No more f'n Pajama Parties, Joe! Losing a series at home to the Reds (who have a worse record than the Brewers) in September is not what we are looking for, gentlemen. 3 series losses in a row -- let's get that fixed immediately. Bad error by KB as Crunch describes -- almost like he was surprised the ball was hit to him. I think if he makes that play we win the game.
solid smack to him...right through his legs. he wasn't even in motion, totally stationary. no bad bounce, either. it was hit very hard, but also squarely wiffed...not even any glove contact. it happens...not a good time for it to happen with 2 outs, though. that was the inning ender, easy.
Can someone tell me about Bryant's error who saw the play? You cannot give the Reds (or most teams) 4 outs. In this case with Joey Votto coming up.
un...fucking...believable... tie a game in the bottom 8th, give up 3 runs in the top 9th...why the hell not. awesome.
DAT TIE THO.
Ugh Hammel...the new Haren. The 3-5 starters have imploded and killed yet another series.