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View Full Version : Ricketts Family buys the land across from Wrigley Field


#1swisher
12-14-2011, 05:16 PM
From McDonald Corp for $20 million, closed on Nov. 18th. McDonalds will continue to own and operate the restaurant on the property. The agreement with the Ricketts family calls for a McDonalds to be included in any future redevelopment of the northwest corner of Clark and Addison streets.

http://www.chicagotribune.com/business/breaking/chi-ricketts-family-buys-mcdonalds-across-from-wrigley-field-20111214,0,1526875.story

Foulke You
12-14-2011, 05:41 PM
There goes half the available parking near Wrigley :tongue:

Red Barchetta
12-14-2011, 08:43 PM
They should have negotiated naming rights into the deal so that they can finally fix that ballpark. "The McCubs" at McDonald's Field. :D:

Vernam
12-14-2011, 11:38 PM
It's a no-brainer. If they weren't so cash-strapped, they'd do well to buy up the rooftop properties, whose investors are hemmorrhaging money. But the Ricketts' need to save their pennies to fix the stadium. Significant government funding for it is nowhere in sight.

Vernam

DumpJerry
12-15-2011, 07:18 AM
It's a no-brainer. If they weren't so cash-strapped, they'd do well to buy up the rooftop properties, whose investors are hemmorrhaging money. But the Ricketts' need to save their pennies to fix the stadium. Significant government funding for it is nowhere in sight.

Vernam
Why would they buy a failing enterprise?

LITTLE NELL
12-15-2011, 12:07 PM
Sort of funny, 20 million for the that parcel of land in 2011.
Around 1981 both the Sox and Cubs both sold for around 20 million each which included the franchise and ballpark.

kittle42
12-15-2011, 01:22 PM
Sort of funny, 20 million for the that parcel of land in 2011.
Around 1981 both the Sox and Cubs both sold for around 20 million each which included the franchise and ballpark.

And bread used to be a nickel!

Hendu
12-15-2011, 01:51 PM
Why would they buy a failing enterprise?

The same reason that many bankrupt companies get bought for pennies on the dollar. You take advantage of someone's misfortune to buy low and reorganize for future growth.

This case is unique because not only do you get the business, but you also get the buildings adjacent to Wrigley. Seems like it'd be a no-brainer if Ricketts wasn't leveraged up to his eyeballs already.

soxfanreggie
12-15-2011, 03:45 PM
The same reason that many bankrupt companies get bought for pennies on the dollar. You take advantage of someone's misfortune to buy low and reorganize for future growth.

This case is unique because not only do you get the business, but you also get the buildings adjacent to Wrigley. Seems like it'd be a no-brainer if Ricketts wasn't leveraged up to his eyeballs already.

They can also package things with the team that the rooftop owners can't offer.

slavko
12-15-2011, 03:55 PM
It's a no-brainer. If they weren't so cash-strapped, they'd do well to buy up the rooftop properties, whose investors are hemmorrhaging money. But the Ricketts' need to save their pennies to fix the stadium. Significant government funding for it is nowhere in sight.

Vernam

Just my crazy idea, but the Cubs ought to buy the rooftop properties, tear them down, and use the new space to reroute Sheffield and Waveland. This would give them the land they need to expand the footprint of the redone ballpark. The city might even help with condemnation proceedings without costing the public anything. I'm sure moving a fire station would be no problem if the mayor wanted it.

DSpivack
12-15-2011, 03:59 PM
The same reason that many bankrupt companies get bought for pennies on the dollar. You take advantage of someone's misfortune to buy low and reorganize for future growth.

This case is unique because not only do you get the business, but you also get the buildings adjacent to Wrigley. Seems like it'd be a no-brainer if Ricketts wasn't leveraged up to his eyeballs already.

Or to do the opposite and take advantage of a great time to sell your overvalued asset. Worked for Sam Zell!

Red Barchetta
12-15-2011, 08:56 PM
Just my crazy idea, but the Cubs ought to buy the rooftop properties, tear them down, and use the new space to reroute Sheffield and Waveland. This would give them the land they need to expand the footprint of the redone ballpark. The city might even help with condemnation proceedings without costing the public anything. I'm sure moving a fire station would be no problem if the mayor wanted it.

Or at least work into the next agreement that the rooftop owner should support light stands, aka Camden Yards, so that the outfield can be lit up appropriately.

Irishsox1
12-16-2011, 08:15 AM
What a nightmare. You own a major league baseball team and it's whole niche is a very old baseball stadium in need of millions of dollars of repairs and upkeep plus it's land locked around $20 million dollar properties.

Patrick134
12-18-2011, 04:35 PM
This just in, Alfonso Soriano to spend the season as the highest paid french fry maker in America.

roylestillman
12-18-2011, 04:43 PM
Or at least work into the next agreement that the rooftop owner should support light stands, aka Camden Yards, so that the outfield can be lit up appropriately.

Or a scoreboard from the current century.