So long Kid K (and thank you) December 2, 2008
Posted by wpbc in chicago cubs.Tags: chicago cubs, kerry wood
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A couple weeks ago I stopped short of writing the eulogy for Kerry Wood’s career with the Cubs. With yesterday’s news that the Cubs didn’t offer Kerry Wood arbitration it looks like the end of the road for Kerry Wood pitching for the Cubs. This post is not written to take a stance one way or the other on what the Cubs did. Baseball is a business and sometimes the unpopular decisions are the right one to make. Enough of that now onto Kerry Wood the Chicago Cub:
This cynical old Cub fan has to come clean, as ballplayers come and go as often as they do these days, rarely do I look back fondly on the player exiting the Cubs. It really is a different era in sports fandom. Players never play for just one team and that’s the way it is. We root for laundry and not individual players. Hell, I grew up in the 1970’s and 80’s when free agency torched the whole idea of watching a team grow up together and play most of their career as a group for one team. That stuff doesn’t happen anymore, and frankly never did in my lifetime. So as a jaded fan who knows all of this, I have to confess that I will miss Kerry Wood.
Kerry Wood came to the Cubs as a phenom, the heir apparent to Nolan Ryan and Roger Clemens as a Texas fireballer. At the end of a very bleak decade for the Cubs, the 1990’s, Wood symbolized the hope that brighter days would come thanks to his magical right arm. In a fairy tale Kerry Wood would have led the Cubs to the World Series. Of course life is not a fairy tale and Kerry Wood’s baseball career has been filled with more injuries than any players deserves. Still Wood has persavered like nobodies business. Below are just a few of my memories from watching Kerry Wood in the blue pinstripes:
- Easter Sunday 1998 when Wood made his major league debut on WGN at old Olympic Stadium in Montreal. Wood would lose that game and throw over 100 pitches in under 5 innings of work.
- The following Saturday, gaius marius would score four tickets for me and a few friends behind home plate and we got to watch the phenom up close and personal in his first start at Wrigley Field and his first major league win over the Dodgers. On that afternoon, therer was no questioning the dynamite stuff of Kerry Wood the question was would he ever find control.
- Only a few weeks later Kerry Wood would pitch a ballgame for the ages. In just his fifth big league start Kid K struck out twenty Houston Astros and became an instant star in Cubdom. If Kerry Wood had never pitched another game at this point in his career this legendary game would have cemented him in Cubs lore.
- As the 1998 Rookie of the Year, Wood of course battled on and helped lead the Cubs to the 1998 Wild Card. He struck out 233 in only 166-2/3rd IP.
- On May 25, 2001, Wood one hit the Brewers what was significant about this one hitter is the day before Jon Lieber had one hit the Reds. This marked the first time in MLB history teammates had pitched back-to-back complete game one hitters.
- After Sitting out all of 1999 and having injury plagued seasons in 2000 and 2001 Wood went 12-6 and in 2002 he went 12-11 but more importnatly pitched 200 innings for the first time.
- By 2003 Wood was the leader of the staff that now included Mark Prior, Matt Clement and Carlos Zambrano. Wood went 14-11 that season for the Cubs.
- In the first round of the 2003 playoffs Kerry Wood pitched the two most clutch games against a 100+ win Atlanta Braves team in his career. Wood won two (including the clincher) of the Cubs three wins in their only playoff series win since the 1908 World Series. This series was Kerry Wood at his best as a starting pitcher for the Cubs.
- Wood’s career has always been a roller coaster. After winning the deciding game 5 against the Braves later that month Kerry Wood lost the deciding Game 7 NLCS game to the Marlins. After the game Wood told the media “I choked”. Kerry Wood never was one for excuses. That’s probably why he was so likeable.
- 2004 was supposed to be the year that the Cubs pitching rotation of Wood, Prior, Clement, Zambrano and newly reaquired future HOFer Greg Maddux was going to lead the Cubs to the pennant. Well injuries to Wood and Prior sidelined those plans.
- More injury frustrations in 2005 and again in 2006.
- By 2007 the Cubs were under new manager Lou Piniella and Wood along with Prior looked to be out of the plans. But Kerry Wood somehow worked his way back and found a spot in the Cubs bullpen.
- In Spring Training 2008 Kerry Wood competed with Bob Howry and young Carlos Marmol for the closers role. Wood was such a fan favorite that he would get ovations when he warmed up in the Cubs bullpen during spring. Lou Piniella would make Kerry Wood the Cubs closer.
- That move worked out pretty good for Wood and the Cubs. Wood was named to the NL All Star team, saved 34 games and was on the mound when the Cubs clinched the NL Central vs. the St. Louis Cardinals.
Off the field Kerry Wood and his wife were first class. Wood’s annual bowling event has raised good money for worthy charities. In a day and age where we expect the worst from athletes in the behavior department, Wood has represented the Cubs professionally throughout his career.
The real interesting part about Kerry Wood is he represents a changing in the mindset of the Chicago Cubs and their fanbase. When Kerry Wood came to the Cubs in the late 90’s the team was still the ‘lovable losers’. During the 10 seasons that Wood was active the Cubs made the playoffs 4 times. He is the only Cub post-1945 to be on Cub postseason teams that many times. As Wood leaves the Cubs the organization now has expectations that are through the roof. I think Kerry Wood played a part in this change of mindset.
I wish Kerry Wood all the best and would just like to thank him for the years he played for the Cubs. It was alot of fun watching him pitch.
Cubs sale: final bids due today December 1, 2008
Posted by wpbc in chicago cubs.Tags: cubs sale, ricketts family, sam zell
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Well today is the day that Sam Zell and the Tribsters will receive their final bids for the Chicago National League Ballclub. Maury Brown at The Biz of Baseball has the details:
Today marks the deadline for final bids on the Cubs, Wrigley Field, and a 25 percent stake in ComcastSports Chicago.
The group of bidders has reportedly been whittled down to four. Sources close to the process say that the four are Jim Crane, the former chief executive of freight-forwarding company EGL Inc; Thomas Ricketts, chief executive of Chicago investment bank Incapital LLC and the son of Joseph Ricketts, the founder of TD Ameritrade Holding Corp; Marc Utay, a managing partner with New York-based private equity firm Clarion Capital Partners LLC; and Chicago real estate executive Hersh Klaff.
Dallas Mavericks owner Mark Cuban has been said to be out of the running, even before insider trading charges were levied against Cuban by the SEC.
The deal, once targeted at above $1 billion has been besieged by the sour economy with the Tribune Co. shifting from wanting a 5 percent ownership equity to 50 percent. The increase in ownership signals a willingness of Tribune to retain a larger stake in exchange for keeping bidders in play as the depleted credit market wreaks havoc on the process.
With the GM meetings coming up and the Cubs now on a tighter budget, hopefully this plays out quickly. That would be unusual in this process, nothing in this sale has gone quickly thus far, so why would this? If there is anything else that comes out today, I’ll update this post, if not well…
UPDATE 3:14 — Nothing we didn’t already know from the Tribune:
At least three prospective buyers have submitted a new round of bids to Tribune Co. for the Chicago Cubs, one of professional sports’ trophy franchises.
Chicago real estate investor Hersch Klaff; the Ricketts family, founder of online brokerage TD Ameritrade Holding Corp.; and a group led by Marc Utay, a New York private equity investor, delivered their proposals by the Thanksgiving deadline, according to sources involved in the negotiations.
Sources declined to comment on the size of the three bids, which include the team, Wrigley Field and Tribune’s 25-percent stake in Comcast SportsNet, a regional cable sports network.
It was unknown at the time this report was filed whether two other prospective buyers — Houston businessman Jim Crane and Mark Cuban, owner of the Dallas Mavericks basketball team — had submitted new bids.
John Sickels Top 20 Cubs prospects for 2009 November 29, 2008
Posted by wpbc in chicago cubs.Tags: chicago cubs, minor leagues
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Over at minorleagueball John Sickels released his grades for what he considers to be the Cubs Top 20 prospects for 2009:
1) Josh Vitters, 3B, Grade B+: Hopefully the home run power should start to come in 2009. Great contact hitting skills and still very young.
2) Jeff Samardzija, RHP, Grade B: I have no idea what to expect here. Could be great, could be horrible, track record very erratic.
3) Ryan Flaherty, SS, Grade B: Looks like a solid all-around player to me.
4) Andrew Cashner, RHP, Grade B-: High ceiling due to fastball and slider, command issues may slow progress.
5) Hak-Ju Lee, SS, Grade B-: Scouting reports look great, but want to see some numbers before ranking higher.6) Jay Jackson, RHP, Grade B-: I LOVE this guy…good athlete, former philosophy major, throws hard, throws strikes, great pro debut. I think he is underrated by other sources.
7) Tyler Colvin, OF, Grade C+: Still worried about his plate discipline.
8 ) Welington Castillo, C, Grade C+: Good glove, hits well in flashes, maybe a Miguel Olivo type?
9) Dae-Eun Rhee, RHP, Grade C+: Would rank higher if not for Tommy John.
10) Aaron Shafer, RHP, Grade C+: Wichita State product with sharp command. Elbow injury cost him velocity.11) Starlin Castro, SS, Grade C+: Intriguing toolsy infielder had strong AZL debut. A sleeper.
12) Junior Lake, SS, Grade C+: Intriguing toolsy infielder had strong AZL debut. A sleeper.
13) Dan McDaniel, RHP, Grade C+: Lots of strikeouts and grounders at Boise. Command an issue. Could rank as high as 10th.
14) Micah Hoffpauir, 1B, Grade C: Too old to rank higher but he has a major league bat. Where does he play?
15) Esmailin Caridad, RHP, Grade C: Low strikeout rate a concern, but I think he can do well in relief.16) Don Veal, LHP, Grade C: Stock has fallen massively due to command and mechanical issues. Not protected for Rule 5, which tells you a lot.
17) Josh Kroeger, OF, Grade C: He finally learned some plate discipline and has done well in Triple-A. Getting old for a prospect.
18) Tony Thomas, 2B, Grade C: Strike zone judgment collapsed in Florida State League.
19) Chris Carpenter, RHP, Grade C: Command problems and poor health record reduce stock, but he throws very hard and has upside if he can stay away from doctors.
20) Mitch Atkins, RHP, Grade C: Possibly a fifth starter type if he can sharpen command more.Others include Darwin Barney, Justin Bristow, Matt Cerda, Hung-Wen Chen, Dumas Garcia, Brandon Guyer, Josh Harrison, Dylan Johnston, Casey Lambert, Alex Maestri, Jovan Rosa, Drew Rundle, Marquez Smith, Logan Watkins, and Ty Wright. Most of these guys could rank anywhere from 14-20 depending on what you are looking for.
With Andy MacPhail’s Baltimore Orioles possibly getting involved as the third team in the Jake Peavy to the Cubs deal, this list could be a little thinner very soon.
Peavy rumor persists November 27, 2008
Posted by wpbc in chicago cubs.Tags: 08-09 offseason, chicago cubs, jake peavy, jim hendry
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Despite what Lou Piniella told the beat writers last weekend, the Cubs are in hot pursuit of Jake Peavy. Barry Rozner wrote a story earlier this week that said the deal was still alive and well. Late last night this Tim Brown from Yahoo! Sports reports Kevin Towers may have found the third team needed to pull of this deal:
Jake Peavy could be a little closer to being traded and the Chicago Cubs could be a little closer to getting him.
San Diego Padres general manager Kevin Towers said Wednesday night he might have identified a third team that would facilitate sending the standout pitcher to the Cubs, who don’t possess the depth in prospects or big league-ready talent to meet the Padres’ asking price.
Earlier this week Maddog at ACB gave a good recap of the ongoing situation and how little what Piniella said mattered:
When a player of Jake Peavy’s caliber becomes available, teams are always interested. That’s a simple fact. It was reported last week that the Cubs had to wait until December 1st to make further moves because of the ownership situation. It could be that the new owners cut payroll. They might keep it the same. They will probably raise it though. And if they do, assuming the Cubs can unload Marquis’ salary, the Cubs are definitely going to be interested in Jake Peavy. Frankly, I shouldn’t even have to say this. It’s common fucking sense. Jake Peavy is going to be traded. He wants desperately to be traded to the Cubs. He will come at a discount. Lou says they don’t need pitching and some morons believe he’s not posturing and that Kevin Towers is. Truly amazing how dumb some people are.
I can’t sum it up any better. If you can add a pitcher like Peavy, you have to listen. If you can do it at a discount, count your lucky stars and get the deal done. The beat goes on…
Happy Thanksgiving Everyone
Piniella: Fontenot will get a bigger role in 2009 November 25, 2008
Posted by wpbc in chicago cubs.Tags: 08-09 offseason, chicago cubs, jake peavy, lou piniella, mike fontenot
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Gordon Wittenmyer in today’s Bright One reports that ‘Lil Babe Ruth’ Mike Fontenot will be part of the Cubs plans to get more left handed:
Piniella said he sees second baseman Mike Fontenot as part of the solution in achieving some of the left-right balance he seeks for the lineup. He plans to work Fontenot into the lineup more often to increase his at-bats from last season’s 243 — which produced a .305 average, a .514 slugging percentage and a .395 on-base percentage.
”You look at his contribution last year, it’s darn good,” Piniella said. ”We’re going to give him some playing time at shortstop — we’ll see in spring training if he can do that — and if not, depending on what we do or don’t do, we’ll give him some [more] playing time at second.”
They are dancing in the streets of Baton Rogue, LA! The LSU Tiger keystone combo could be a lock for Wrigley Fd. come spring and sumer of 2009. Looks like that idea might put the Teahen rumors to rest.
While we’re putting trade rumors to rest, Piniella scratches off the Jake Peavy rumor:
”No. Starting we don’t need. We’re set. We’ve got six good starters [including Sean Marshall], and they’re all experienced. Getting Dempster back was the key. We’re in good shape with our starting pitching. Bullpen-wise, [we're looking for] possibly one more experienced pitcher. We’ve got a lot of young kids out there.”
What happened? November 25, 2008
Posted by wpbc in chicago cubs.Tags: 2008 postseason, dave kaplan, lou piniella, ryan dempster, ryan theriot
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‘What happened?’ That seems to be the question the MSM has focused on of late when it comes to the Cubs. Last week Ryan Dempster opened up this can when he gave his honest opinion on what happened to the Cubs in the NLCS:
“Maybe we underestimated how prepared you have to be, how ready you have to be, especially in a five-game series,” Dempster said. “It’s like a short heavyweight bout. Ding, the bell is ringing, you’ve got to go.”
Added Demptser: “I think sometimes we almost expected it, go out there and play hard and we’re good enough and just expect it to happen, and we’ll win this series and then the next one and all the excitement will happen once we get to the World Series,” he said. “Maybe L.A. was just a little more prepared for us than we were for them.”
Well as you can imagine, that started the storm. The idea that the Cubs weren’t prepared didn’t sit well with the skipper Lou Piniella. That of course is a direct reflection on his staff preparing the team. So, he responded:
“Look, the team was prepared,” Piniella told WMVP-AM 1000’s “Waddle and Silvy Show” on Wednesday.
Though likely unintended, Dempster’s statement reflected poorly on Piniella, who as manager is responsible for getting his team ready for the postseason. Piniella pointed to the lack of offense as the main culprit for the Cubs’ collapse, and reiterated they need more left-handed hitting to balance the lineup.
“It’s very much alike, one through eight,” he said. “It’s right-handed, it’s power-hitting and it’s not very quick.”
Add a left-handed bat and athleticism, “and the whole thing changes,” he said.
While everyone has an opinion on what happened in October, Piniella said “the bottom line is we didn’t play good baseball.”
So that’s the end of the story right? Wrong! Lastnite WGN sports guy Dave Kaplan has Ryan Theriot on his show and he has to bring up the NLDS debacle. I will have to paraphrase Theriot: he says something to the extent of the team not being pumped up enough and maybe looking past the Dodgers.
My answer to what happened: WHO CARES? THEY LOST. The Cubs got beatdown NLDS. We all saw it, well as much of it as you could take. For some of us, that was less than others. Every player, manager or coach probably has their own opinion on what happened and why it happened. At this point, that really doesn’t matter. It doesn’t make me feel any better to know what Ryan Theriot or Ryan Dempster thinks happened. The Cubs played like shit and they lost. It’s like the MSM wants one of these guys to say they were all put under a magic spell and lost.
I apologize for my frustration and rehashing this whole thing. But I think it shows how poor sports writing and reporting has gotten today. These hacks have turned this thing into ‘he said-he said’. The funny thing about interviewing ballplayers is you are gonna get very little from them that is of any substance(this is just another case in point). These guys honestly have less of an idea what happened than most fans and media members. For the most part when ballplayers are on the tv or radio it’s time to turn the dial IMO. Once in awhile there is an athlete that is articulate and worth listening to. But that seems to be 1 out of 100 or so.
Cubs sale: FINAL TWO November 24, 2008
Posted by wpbc in chicago cubs.Tags: cubs sale, hersch klaff, ricketts family, sam zell
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Chi-ball is reporting the Cubs sale is down to two finalists:
It is down to two. That is what our people are telling us regarding the Cubs sale. Thomas Ricketts is still the favorite to be the new owner of the Cubs. Real estate mogul Hersch Klaff is making a late push however. Klaff has the money, but he needs some strong baseball people surrounding him our source says. This deal could still inolve a fifty-fifty partnership with Sam Zell, where Zell would try to transfer more of the ownership at a later date.
Most everyone is familiar with Tom Ricketts and his family by now. Maury Brown named Ricketts the leader in the Cubs sweepstakes a few months ago and there is no reason to doubt that now. Here is Rickett’s profile from RedEye:
Job: Chief Executive of Incapital LLC, a Chicago investment bank that packages corporate bonds for retail investors
Age: 42
Residence: Wilmette
Bio: Former pit trader who met his wife at Wrigley Field. Formed Incapital with partners in 1999 to give retail investors an easy way to buy bonds. Son of J. Joe Ricketts, Omaha founder of what is now online broker TD Ameritrade. Forbes estimates family war chest at $2.6 billion.
Below is Klaff’s background from Retail Traffic Mag:
Hersch Klaff, a South African by birth, came to the United States 22 years ago as an accountant, but after just a few years here he turned to real estate. In 1982, his first big deal was arranging (with partners), to buy the old Marshall Fields men’s building in downtown Chicago and redevelop it into a multi-tenant retail, office and medical complex.
Through most of the 1980s, Klaff focused his attention in downtown Chicago before turning his sights on the city’s suburban retail market, which by the early 1990s was rife with distressed properties. After buying a number of significant suburban shopping centers and redeveloping them, Klaff began getting familiar with some of the big box retailers which were hitting hard times.
Klaff admits that initially these big stores held little interest for him. “They were boring, and with their long-term leases they were just coupon clipper opportunities for estate planning.” Then the proverbial light bulb went off. “We realized as we started owning these shopping centers where companies had boring, long-term leases and 25-50 year options to renew, that there was no upside in owning them as a tenant, but there was upside in buying up the leases, dividing the stores into 25,000 to 30,000 sq. ft. floor plates instead of 100,000 sq. ft. and subleasing the space,” explains Klaff.
Klaff came to understand the real asset in the shopping centers was not the income stream from the tenant but the ability to buy back the future, in certain cases, by dividing up the stores, re-tenanting the property, tripling the income and investing the money in a new transaction. The numbers are simple.
The old box retailers negotiated 25-year, renewable leases at very low sq. ft. rates. Even if Klaff Realty takes over the lease, that rate doesn’t change. But, the market certainly changes and the going rate for retail space may be three times that old lease rate. Klaff Realty goes in and pays, for example, $3 a square foot, and leases it at $9 a square foot. “The difference pays for our risk and it’s our profit,” says Klaff. It has pretty much been the company’s modus operandi ever since.
Today, Klaff Realty acquires, develops, finances, leases and manages mixed-use, office and retail real estate. It has a close relationship with a number of chains, some of which have opened in numerous Klaff Realty shopping centers: Kohl’s, Burlington Coat Factory, Target, Old Navy, Gap, Bed Bath & Beyond, Linens & Things, and Marshalls.
Very soon, one of these two will have all the hope of Cubdom placed on their shoulders. I hope they are ready for the burden.
Economic realities hit Cubs November 24, 2008
Posted by wpbc in chicago cubs.Tags: 2008-9 offseason, crane kenney, jim hendry, mark teahen, recession
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As everyone knows the ongoing economic times couldn’t have come at a worse time for Sam Zell in his efforts to unload the Cubs. According to this article the economic realities have made the Cubs rethink their plans to raise ticket prices again. This from Crane Kenney in Friday’s Tribune:
“We’ll certainly want to keep a good number of our seats flat in ticket prices,” Kenney said. “We’ll look throughout the inventory to see whether there is the ability to increase the price in certain areas, but this is a tough economy for our consumers, as well as our sponsors and our fans. We recognize that. We don’t want them to view our ticket prices as a burden.”
Of course this is not good for Mr. Zell, who last summer had an offer of $1.2-$1.3 billion on the table from Mark Cuban. (That offer is gone, and so is Cuban in the bidding process.)
What might be good news for fans might not be in the best interests of Tribune Co.; lower revenue from ticket sales could reduce the value of the franchise.
Kenney is in a difficult position. If the Cubs raise prices too much, he could turn off fans. If he doesn’t raise them enough, he could upset his boss, Sam Zell, the Chicago real estate investor who struck a deal in April 2007 to take Tribune private in an $8.2 billion leveraged transaction.
As should be expected, the lost revenue will impact the club on the field. Reports now have Rafael Furcan close to signing with A’s (4 yrs, $48 million). As much as the idea seems like a downer, the Cubs seem to be very interested in trading for KC OF Mark Teahen to play RF. A major lowering of the expectations to add a Bobby Abreau or Milton Bradley to play RF. It looks like the Cubs major FA signing will be Ryan Dempster and after that they are just gonna tweak this team and make some trades. Not what was expected earlier, maybe not what Kenney and Hendry planned. But these are tough economic times.
He impacted my life… November 20, 2008
Posted by wpbc in beer, chicago, chicago cubs.Tags: old style beer
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I never met William P. Schirmang. I never even heard of him until a few minutes ago when wpbc friend Vehere sent me this link from the Bright One. William P. Schirmang is the man who brought Old Style beer to Chicago. He did it the old fashioned way:
Before the 1960s, the brew from La Crosse, Wis., was virtually unknown here. Then Mr. Schirmang started knocking on tavern doors and selling a case or two at a time out of the trunk of his car. By the 1970s, he had pumped up sales for the brand to more than 2 million cases a year, according to his son Ken, president of Skokie Valley Beverage Co., a beer distributorship in Wheeling.
The beer that I have always associated with the Cubs, Wrigley Field, WGN radio broadcasts of the Cubs, and the neighborhood Chicago tavern may never have found it’s way into the city if not for Schirmang.
“Eventually, they took on handling Old Style. He started delivering beer out of the trunk of his car. My dad was a sales guy, and he could talk to anybody and knock on any door. He would sell one day to bars and taverns. The next day, he would deliver what he sold. Eventually, they were able to get a single truck. From there, it grew into a 2.5 million-case operation.”
When labor problems hit AB in the 70’s he took advantage:
His beer got a big hold on Chicago in the 1975 when the St. Louis producers of Budweiser were hit by labor problems, Ken Schirmang said.
“Budweiser was not delivered to Chicago, and Old Style was being brewed in LaCrosse, Wisconsin,” he said. “They made sure we never ran out of Old Style. In 1977, he received an award for selling 1 million cases, and several years later, 2 million.”
The story wouldn’t be complete witout Mr. Schirmang being a Cub fan and he was just that:
He was such a big Cubs fan that in the 1990s, his company bought out the distributor who handled Wrigley Field so they could be one of the two beers there, along with competitor Budweiser, his son said. Skokie Valley Beverage now represents beers from 20 countries in addition to numerous small domestic labels.
I’d like to thank William Schirmang for bringing LaCrosse’s finest down to Chicago and hustling to get it into our hands. Next April 13th at Opening Day with friends V and gm we will toast Mr. Schirmang with one of our many Old Style’s on that day. Sometimes the guys who make a difference are fellas we never know…
Cubs sale: four finalists have met with mlb November 20, 2008
Posted by wpbc in chicago cubs.Tags: cubs sale
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It appears the four finalists to be the next owner of the Chicago Cubs have met with MLB. (Guess who is not one of them…). This from Paul Sullivan in the Trib:
Bidders for the Cubs have until Dec. 1 to submit offers, Major League Baseball said Wednesday after a meeting of its ownership committee, the AP reported.
Bob DuPuy, baseball’s chief operating officer, said representatives of four bidders have met in New York in recent weeks with officials from the commissioner’s office, MLB’s Internet company and the sport’s new television network.
Baseball officials do not think Dallas Mavericks owner Mark Cuban has been part of the bidding process for months. Cuban was charged Monday with insider trading for allegedly using confidential information on a stock sale.
Maury Brown, who does a great job over at bizofbaseball.com, has more details on the Cubs sale process:
“Bids are expected the week after Thanksgiving,” MLB COO Bob DuPuy said to The Associated Press after the first day of the MLB owners quarterly meetings. “Mr. Zell claims the team is for sale and they’re moving forward.”
Bidders have been in New York over the past two weeks meeting with officials from the commissioner’s office, MLB Advanced Media, and the MLB Network headquarters in New Jersey.
The deadline news comes at a time when baseball officials believe that Dallas Mavericks owner Mark Cuban has been out of the running for the Cubs for some time. Cuban was charged Monday by the SEC with insider trading involving shares of Momma.com.
While the credit crunch has increased the amount of ownership equity that Tribune is willing to retain from 5 percent to 50 percent, another looming aspect has been the amount of money in player payroll. The Cubs have been exceptionally aggressive in going after free agents, and with that, many have had backloaded contracts.
(NOTE: If you get a chance take a look at Maury’s article on MLB tabling the restructuring of the territorial blackouts for television. This is UNREAL)
So, back to the sale, it looks like we might actually be getting somewhere in this process. I hope the financing is figured out.
