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View Full Version : Cubs sale unanimously approved


g0g0
10-07-2009, 12:01 PM
http://sports.espn.go.com/chicago/mlb/news/story?id=4537317&campaign=rss&source=ESPNHeadlines

And the Cubs fans go :gulp:

Jimmy Piersall
10-07-2009, 12:05 PM
http://sports.espn.go.com/chicago/mlb/news/story?id=4537317&campaign=rss&source=ESPNHeadlines

And the Cubs fans go :gulp:

How about they go to Iowa for keeps ? that's the place for them.

cws05champ
10-07-2009, 02:07 PM
http://sports.espn.go.com/chicago/mlb/news/story?id=4537317&campaign=rss&source=ESPNHeadlines

And the Cubs fans go :gulp:
The sale was complete on the anniversary of the Billie Goat curse as well. An interesting coincidence.

whitem0nkey
10-07-2009, 04:20 PM
looking back at the trib owning the cubs, I think the trib did a decent job. they spent the money in an honest attempt to win a world series. unfortunately for the cubs they misspent the money, but my main point is that the trib had an honest attempt to win it for several years.

JermaineDye05
10-07-2009, 05:37 PM
Now they can go trade for Jake Pe...

Oh, wait :cool:

WhiteSox5187
10-07-2009, 06:58 PM
Now they can go trade for Jake Pe...

Oh, wait :cool:

Haven't you heard? They're trading Zambrano for Peavy!

Hitmen77
10-07-2009, 09:03 PM
Now they can go trade for Jake Pe...

Oh, wait :cool:

Haven't you heard? They're trading Zambrano for Peavy!

:rolling:

DrCrawdad
10-08-2009, 12:31 AM
http://sports.espn.go.com/chicago/mlb/news/story?id=4537317&campaign=rss&source=ESPNHeadlines

And the Cubs fans go :gulp:


Will this story end, please?

The sale of the Cubbies, the never ending story.

WSox597
10-08-2009, 08:00 AM
So, when are they moving the team?

I should probably put that in teal, but it would be great if it happened.

Of course, their handful of actual baseball fans would have to switch to another team.

The herd of mopes that fill the park will move on to the next big thing. Maybe the return of pet rocks.

g0g0
10-08-2009, 10:55 AM
Will this story end, please?

The sale of the Cubbies, the never ending story.

I think it just did.

ewokpelts
10-08-2009, 02:44 PM
I dont think it's completely over. I think it's not final in the eyes of the court yet. Until the check clears, it's not over.

That said, the owners vote pretty much makes it a done deal.

whitem0nkey
10-08-2009, 03:16 PM
I dont think it's completely over.........

That said, ........... its a done deal.

:rolling:

ewokpelts
10-08-2009, 05:43 PM
:rolling:funny richard

DrCrawdad
10-08-2009, 07:43 PM
I dont think it's completely over. I think it's not final in the eyes of the court yet. Until the check clears, it's not over.

That said, the owners vote pretty much makes it a done deal.

There have been these news stories about how the deal is done for over a year now.

thomas35forever
10-27-2009, 01:38 PM
The sale is now complete, or so they say.
http://sports.espn.go.com/chicago/mlb/news/story?id=4598352

Balfanman
10-27-2009, 02:19 PM
looking back at the trib owning the cubs, I think the trib did a decent job. they spent the money in an honest attempt to win a world series. unfortunately for the cubs they misspent the money, but my main point is that the trib had an honest attempt to win it for several years.

With all due respect I could not disagree more with this. With the exception of the last few seasons the Cubs spent very little money on the club.

I actually grew up a Cubs fan in the early sixties and remember well the Santo, Banks, Kessinger, etc. days. The only reason I was a Cub fan was because in Indiana at the time the only team you could get on T. V. was the Cubs. I did not even know that the Sox existed until around 1970 or so. I am still thanking my cousin for introducing me to the Sox back in the Wilbur Wood, Carlos May, Dick Allen , etc. days. He saved me from being a perpetual loser, at least as far as baseball teams go.

I remember being excited on the day that the Tribune Co. bought the Cubs from Wrigley. The same Wrigley who said something to the effect that he does not want to win because it costs too much. I believe that this was after their last world series appearance in 45. I thought, wow, maybe now they will spend money and actually win something.

After years it became obvious that they would only spend enough to keep one or two marque players around to fill the park (Kingman, Dawson, Sosa,) and maximize profits. Having a past his prime, drunken announcer around helped that aspect as well, but after over 25 years of ownership they weren't really intersted in fielding a winner, unless it just happened by accident on a small budget. They just wouldn't go out and get the one or two players that they needed to get them over the top. The bottom line was all that mattered to them.

I am not as anti Cub as some folks are around here, I just couldn't stand their management. In fact, if the Cubs would have won in the last couple of seasons I would of been upset not at the club necessarily, but in the fact that they just started trying (only to sell the club) to put a better product on the field after other clubs had been trying for years. Say what you want about Riensdorf, but I think that he at least tries to win if he himself only breaks even in the process. I will always be a Sox fan first, but if the new owner is earnestly trying to win a championship I would be very happy for my Cub fan friends, even as annoying as they are sometimes.

JMHO

ewokpelts
10-27-2009, 03:20 PM
With all due respect I could not disagree more with this. With the exception of the last few seasons the Cubs spent very little money on the club.

I actually grew up a Cubs fan in the early sixties and remember well the Santo, Banks, Kessinger, etc. days. The only reason I was a Cub fan was because in Indiana at the time the only team you could get on T. V. was the Cubs. I did not even know that the Sox existed until around 1970 or so. I am still thanking my cousin for introducing me to the Sox back in the Wilbur Wood, Carlos May, Dick Allen , etc. days. He saved me from being a perpetual loser, at least as far as baseball teams go.

I remember being excited on the day that the Tribune Co. bought the Cubs from Wrigley. The same Wrigley who said something to the effect that he does not want to win because it costs too much. I believe that this was after their last world series appearance in 45. I thought, wow, maybe now they will spend money and actually win something.

After years it became obvious that they would only spend enough to keep one or two marque players around to fill the park (Kingman, Dawson, Sosa,) and maximize profits. Having a past his prime, drunken announcer around helped that aspect as well, but after over 25 years of ownership they weren't really intersted in fielding a winner, unless it just happened by accident on a small budget. They just wouldn't go out and get the one or two players that they needed to get them over the top. The bottom line was all that mattered to them.

I am not as anti Cub as some folks are around here, I just couldn't stand their management. In fact, if the Cubs would have won in the last couple of seasons I would of been upset not at the club necessarily, but in the fact that they just started trying (only to sell the club) to put a better product on the field after other clubs had been trying for years. Say what you want about Riensdorf, but I think that he at least tries to win if he himself only breaks even in the process. I will always be a Sox fan first, but if the new owner is earnestly trying to win a championship I would be very happy for my Cub fan friends, even as annoying as they are sometimes.

JMHOBill Wrigley had to make a decision: The Family Business or the Family Toy.
From what I read, they were getting hammered by estate taxes from his father's death, and he was in the middle of a divorce, so the $20 millionthe tribsters coughed up allowed him to continue owning the gum company.

Foulke You
10-28-2009, 04:41 PM
Ok, just when you think it can't get any dumber...here comes Grant DePorter and company with more "signs" that things are turning around for the Cubs because of the Ricketts family. Now, they are claiming the Harry Caray statue "made a noise" which must mean that Harry approves of the new owners! I swear, you can't make this stuff up. Just click the link and scroll down to the part entitled "GOOD SIGN: Cubs a sound investment":

http://www.suntimes.com/sports/quickhits/1849818,CST-SPT-1hit28.article

RedHeadPaleHoser
10-28-2009, 05:42 PM
Did anyone see or hear a story about the Ricketts' family cutting out free tickets for players on game days? I thought I heard it on the WGN news this morning when I was leaving the house. I could be way off base here, and haven't really looked for it.

slavko
10-28-2009, 06:19 PM
Since this new thread is so handy I don't have to reopen the last one on this topic where I expressed the opinion that if the club has declared bankruptcy, someone who is owed money is going to get pantsed out of it. Some of you were so kind as to assure me that this wasn't going to happen.

Well sir, I refer you all to the latest Newsweek, which tells us all that by declaring bankruptcy, the entity that is the Cubs is off the hook for $300 Million in federal taxes on the sale.

Which means that no one got pantsed of anything except the U S Government, and you and I can make up the $300 million it lost in increased taxes over the next few years. Or would you prefer that Medicare or Veterans' Benefits were cut? We didn't need that research project to find a cure for MS, did we? Gotta love those Cubbies.

Lip Man 1
10-30-2009, 05:06 PM
Well at the press conference today according to the newspaper Ricketts said the payroll would go up slightly next season.

I don't know if that is due to raises for current players or if the Cubs are going to go out and continue to try to acquire talent.

What was their payroll last year? 130 million?

God what could Kenny do with a 130 million dollar payroll.

Lip

ewokpelts
10-30-2009, 05:09 PM
Well at the press conference today according to the newspaper Ricketts said the payroll would go up slightly next season.

I don't know if that is due to raises for current players or if the Cubs are going to go out and continue to try to acquire talent.

What was their payroll last year? 130 million?

God what could Kenny do with a 130 million dollar payroll.

Lipwell, we're pushing 120 million or higher, so i guess the same as hendry the thief. miss the playoffs.

btw, tommy boy also said tickets will go up as well.

Lip Man 1
10-30-2009, 05:35 PM
Ewok:

Are you saying the Sox payroll was 120 million last year? AFTER the second biggest cut in MLB, about 23 million...? (only San Diego cut more.)

:?:

That would mean the payroll was around 140 million before the last off season cuts.

I just want to make sure I understood you correctly.

Lip

eriqjaffe
10-30-2009, 05:50 PM
Last year's payroll was ~$96 million.

As it stands right now, the Sox are committed something like $75m next year - that's assuming they buy Dye out for $1m.

http://spreadsheets.google.com/pub?key=tK7uKP_MP8Unu0Mx46heFcg&output=html

The Immigrant
10-30-2009, 05:50 PM
Since this new thread is so handy I don't have to reopen the last one on this topic where I expressed the opinion that if the club has declared bankruptcy, someone who is owed money is going to get pantsed out of it. Some of you were so kind as to assure me that this wasn't going to happen.

Well sir, I refer you all to the latest Newsweek, which tells us all that by declaring bankruptcy, the entity that is the Cubs is off the hook for $300 Million in federal taxes on the sale.

The government was never owed this money. The deal was structured in a way that would minimize the tax bill for Tribune Co., which had a very low tax basis in the Cubs because it paid only $20 million for the team. The Tribune continues to own a 5% interest in the Cubs for the same tax reasons. It's a very creative structure that took a long time to negotiate.

I'll repeat what I told you in a different thread: no person or entity that was owed even one dead cent by the Chicago National League Ball Club will have its claim compromised as the result of the bankruptcy filing.

slavko
10-30-2009, 07:00 PM
The government was never owed this money. The deal was structured in a way that would minimize the tax bill for Tribune Co., which had a very low tax basis in the Cubs because it paid only $20 million for the team. The Tribune continues to own a 5% interest in the Cubs for the same tax reasons. It's a very creative structure that took a long time to negotiate.

I'll repeat what I told you in a different thread: no person or entity that was owed even one dead cent by the Chicago National League Ball Club will have its claim compromised as the result of the bankruptcy filing.

So the bankruptcy filing had no effect on the taxation of selling something with near zero tax basis for over $900M? Yes or no?

Daver
10-30-2009, 07:05 PM
And another thread bites the dust.