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View Full Version : Cubs for Sale? Tribune Needs Some Cash


tebman
10-24-2005, 10:24 AM
There's a report on Crain's ChicagoBusiness website today saying that the (clears throat officiously) Tribune Company needs to pay down some debt and is thinking seriously about selling some of its assets, like its yuppie Disneyland at Clark and Addison.

Here's the link (http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=24687&post_date=2005-10-24). An interesting note in there is that if the Tribune wool-suit brigade does decide to sell, they'll get hammered in taxes, big time. What to do, what to do?

Take it for what it's worth -- I'd be surprised if it actually happens because so much of their corporate identity is tied up in their crumbling bricks.

itsnotrequired
10-24-2005, 10:40 AM
There's a report on Crain's ChicagoBusiness website today saying that the (clears throat officiously) Tribune Company needs to pay down some debt and is thinking seriously about selling some of its assets, like its yuppie Disneyland at Clark and Addison.

Here's the link (http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=24687&post_date=2005-10-24). An interesting note in there is that if the Tribune wool-suit brigade does decide to sell, they'll get hammered in taxes, big time. What to do, what to do?

Take it for what it's worth -- I'd be surprised if it actually happens because so much of their corporate identity is tied up in their crumbling bricks.

Very interesting. I'm sure Tribune wants to keep all options open but I doubt that the Cubs are seriously on the block. I'm betting they drop some of their other holdings before the drop the Cubs.

That being said, the baseball market is far different from the other markets they have a stake in. If the right members get on the board, they may not want to deal with something as volatile as a baseball team. I'm betting there are current board members that are none too happy about paying most of Sosa's salary this year.

Madvora
10-24-2005, 10:49 AM
The Cubs are a money making machine. Why would you get rid of that if you need money?

voodoochile
10-24-2005, 10:52 AM
Probably depends on the offer. I am sure there are a bunch of high-rollers who would pony up WAY more than market value to buy that team. One guy drops a $600M offer on them and they would be silly not to take it.

Don't know if we should be happy or sad about this. I mean it will be great to not have a media conglomerate marketing the flubbies non-stop, but I don't want "Steinbrenner" buying our crosstown rivals.

Ah who cares... Sometime in the next week, hopefully the Sox will make those lovable losers... just losers...

itsnotrequired
10-24-2005, 11:02 AM
Ah who cares... Sometime in the next week, hopefully the Sox will make those lovable losers... just losers...

Seems to me that they have been losers since September 25 (the day they were officially eliminated from the post-season).:cool:

Johnny Mostil
10-24-2005, 11:06 AM
Seems to me that they have been losers since September 25 (the day they were officially eliminated from the post-season).:cool:

Huh? Where have you been the past sixty years?

kkappelk
10-24-2005, 11:07 AM
We should put together a collection to try and buy the Cubs from the trib. Now that would be funny.

First order of business....knock down that eye sore of a ballpark!

itsnotrequired
10-24-2005, 11:10 AM
Huh? Where have you been the past sixty years?

I meant just this year.

Why, have they not won anything in a while?:D:

gobears1987
10-24-2005, 11:11 AM
We should put together a collection to try and buy the Cubs from the trib. Now that would be funny.

First order of business....knock down that eye sore of a ballpark!Then we can move the team to Orlando and sell it!!!

tebman
10-24-2005, 11:18 AM
Then we can move the team to Orlando and sell it!!!

Orlando's ready!

http://pages.prodigy.net/chicagocubs/goofypitches.jpg

Zambrano's had some work done, eh?

infohawk
10-24-2005, 11:27 AM
I suppose (without really knowing any numbers) one could make the argument that selling the team - even if it means paying heavy taxes - and taking the profits without having to spend any money on the eventual refurbishment of Wrigley or construction of a new stadium would be a good financial move. Whatever they have to do to either refurbish Wrigley or build a new park would undoubtedly be very, very expensive. If the Tribune Company knows a new park is necessary, perhaps the Tribune wouldn't want to be the civic "bad guy" for abandoning "beautiful" Wrigley Field. After all, they still have to sell their papers. Wouldn't want any Cubbie fan anger to hurt sales.

ChiFabulous1
10-24-2005, 11:38 AM
Then we can move the team to Orlando and sell it!!!

No I think we should move them to a bigger market like Alaska!!!

Johnny Mostil
10-24-2005, 11:48 AM
I meant just this year.

Why, have they not won anything in a while?:D:

I figured as much. Though maybe they've won a simulated pennant that I haven't heard about . . .

itsnotrequired
10-24-2005, 11:59 AM
Though maybe they've won a simulated pennant that I haven't heard about . . .

They did win it. I remember reading it in a simulated newspaper article...

Johnny Mostil
10-24-2005, 12:18 PM
They did win it. I remember reading it in a simulated newspaper article...

Tsk, tsk . . . real Sox fans aren't supposed to read the Tribune . . . :wink:

SOXintheBURGH
10-24-2005, 01:38 PM
:dollarbill:

"If Uncle Jerry can run two teams, why can't I!?"

Viva Medias B's
10-24-2005, 01:44 PM
:dollarbill:

"If Uncle Jerry can run two teams, why can't I!?"

:roflmao:

Dan Mega
10-24-2005, 01:46 PM
No I think we should move them to a bigger market like Alaska!!!

Marion IL needs a minor league baseball team. Move em there!

peeonwrigley
10-24-2005, 02:08 PM
They're leaking this now to make news of the Cubs, and how valuable the franchise is to overshadow what is going on with the Sox. Bastards!

Guess what Moiph is blabbering about.

gobears1987
10-24-2005, 02:19 PM
:dollarbill:

"If Uncle Jerry can run two teams, why can't I!?"Deep pink is the best color for that. Wirtz buying them would be a dream. He is such a dumbass!!!

Viva Medias B's
10-24-2005, 02:27 PM
Deep pink is the best color for that. Wirtz buying them would be a dream. He is such a dumbass!!!

:dollarbill:
"In order to protect our season reservation holders at Wrigley Field, we will no longer be televising home games from Wrigley Field."

cheeses_h_rice
10-24-2005, 02:32 PM
The timing on this announcement is a but curious, you'd have to admit.

:rolleyes:

Maximo
10-24-2005, 02:39 PM
The timing on this announcement is a but curious, you'd have to admit.

:rolleyes:

You think?

And then the national media......and even a few "locals".......can't understand why Sox fans have such animosity for the Cubs.

Chicago
10-24-2005, 02:44 PM
We should put together a collection to try and buy the Cubs from the trib. Now that would be funny.

First order of business....knock down that eye sore of a ballpark!

We could all be part owners... we could get rid of everyone and put a bunch of monkey in uniforms and have them run around the field... and still sell out... no one would even know. Think of the profits...

Banix12
10-24-2005, 02:53 PM
I gotta think they would sell off a few of the other assets before the cubs but it has become less fashionable for television networks to own a sports team lately.

A man can dream I guess.

Chicken Dinner
10-25-2005, 02:16 PM
With its stock losing a quarter of its worth in the last year, Tribune Co. may be considering a sale of non-core assets such as the Cubs.
-- Daily Herald

Ol' No. 2
10-25-2005, 02:25 PM
We could all be part owners... we could get rid of everyone and put a bunch of monkey in uniforms and have them run around the field... and still sell out... no one would even know. Think of the profits...Good idea, but Hendry beat you to it.:redneck

maurice
10-25-2005, 02:31 PM
Marion IL needs a minor league baseball team. Move em there!

They can play their games here (http://www.bop.gov/locations/institutions/mar/index.jsp), as part of the federal penal league.
It's safer than going to the Urinal.
:cool:

Lip Man 1
10-25-2005, 05:44 PM
The story was on the WGN-TV news last night.

Lip

chisoxfan64
10-25-2005, 05:49 PM
Wasn`t there talk of Mark Cuban buying the scrubs?

Fenway
10-25-2005, 05:54 PM
Gammons briefly talked about this on WEEI this afternoon.

Says the Tribune has major concerns about how much money it will take to rehab Wrigley in the next decade. The company is fed up with fighting City Hall and broadcasting is no longer the golden goose it was as the money is in basic cable which the Tribune does not control.

Also said they are "embarrassed" by the White Sox success in 2005.

Frater Perdurabo
10-25-2005, 06:07 PM
Gammons briefly talked about this on WEEI this afternoon.

Says the Tribune has major concerns about how much money it will take to rehab Wrigley in the next decade. The company is fed up with fighting City Hall and broadcasting is no longer the golden goose it was as the money is in basic cable which the Tribune does not control.

Also said they are "embarrassed" by the White Sox success in 2005.

They also have a mountain of ad revenues to pay back because they artificially inflated their circulation numbers.

Ol' No. 2
10-25-2005, 06:12 PM
They also have a mountain of ad revenues to pay back because they artificially inflated their circulation numbers.Didn't they also just lose a court case and now have to pay a big tax bill?

Fenway
10-25-2005, 06:53 PM
They also have a mountain of ad revenues to pay back because they artificially inflated their circulation numbers.

Newsday is in shambles over this. They have problems in Hartford as well.

Think back to the spring. They had to say in their annual report that eating Sosa's contract hurt the bottom line. You think the investors who live in Glencoe care about the Flubs?

bigfoot
10-25-2005, 07:15 PM
We should put together a collection to try and buy the Cubs from the trib. Now that would be funny.

First order of business....knock down that eye sore of a ballpark!

Too many hoops to jump through to knock down the dump. IMO, the thing to do with it is use FEMA funds to renovate into condos and sell them to fool Cub Fans for enormous $$$$$$$ paying for the purchase of the club.
The debt being paid off, disband the Cubs!!!!!!

And let the rest of the world try and beat a path to Sox Park!

tebman
10-25-2005, 07:57 PM
Didn't they also just lose a court case and now have to pay a big tax bill?
Yeah, they did. They bought the L.A. Times parent company and knew going into it there were open questions about tax liabilities. They hoped it would go away, languishing in court. But it didn't, and the Tribune Co. owes literally a billion (with a B) dollars in taxes (link (http://www.latimes.com/business/taxes/la-fi-bender28sep28,1,463521.story?coll=la-headlines-business-taxes&ctrack=1&cset=true)).

The Tribune's appealing of course, but it's not good news either way. Couple that with the cost of the continued embalming of their ballpark and the embarrassment of the Sox's championship (like Gammons said), and it's easy to see why they might decide they don't need the aggravation.

Ol' No. 2
10-26-2005, 12:31 PM
Yeah, they did. They bought the L.A. Times parent company and knew going into it there were open questions about tax liabilities. They hoped it would go away, languishing in court. But it didn't, and the Tribune Co. owes literally a billion (with a B) dollars in taxes (link (http://www.latimes.com/business/taxes/la-fi-bender28sep28,1,463521.story?coll=la-headlines-business-taxes&ctrack=1&cset=true)).

The Tribune's appealing of course, but it's not good news either way. Couple that with the cost of the continued embalming of their ballpark and the embarrassment of the Sox's championship (like Gammons said), and it's easy to see why they might decide they don't need the aggravation.Maybe JR will decide that after finally winning a WS he wants to cell (I mean sell), and the Tribune will buy the Sox.:redneck

SouthSide_HitMen
10-30-2005, 09:38 PM
http://www.bodog.com/sports-betting/mlb-baseball-team-props.jsp


What will the final selling price of the Chicago Cubs be?

Preview (http://javascript<b></b>:LinkPop('http://www.chicagobusiness.com/cgi-bin/news.pl?id=18226', 'Preview');)
Any wagers placed after outcome becomes public knowledge will be graded as No Action. If the Chicago Cubs are not sold, wagers will be graded as No Action. Max $200
Under $400 million
3/1 (http://www.bodog.com/sportsbook/app/CreateWager?lineID=930155)

$401 - $425 million
7/2 (http://www.bodog.com/sportsbook/app/CreateWager?lineID=930156)

$426 - $450 million
5/1 (http://www.bodog.com/sportsbook/app/CreateWager?lineID=930159)

$451 - $475 million
4/1 (http://www.bodog.com/sportsbook/app/CreateWager?lineID=930158)

$476 - $500 millioin
3/1 (http://www.bodog.com/sportsbook/app/CreateWager?lineID=930157)

$501 - $525 million
11/2 (http://www.bodog.com/sportsbook/app/CreateWager?lineID=930160)

$526 - $550 million
9/2 (http://www.bodog.com/sportsbook/app/CreateWager?lineID=930162)

over $550 milllion
3/1 (http://www.bodog.com/sportsbook/app/CreateWager?lineID=930161)

The Cubs and White Sox were purchased at the same time (around 25 years ago) for about the same price (around $45 - $50 mil in inflation adjusted 2005 dollars).

Hendu
10-31-2005, 07:59 PM
The timing of this rumor is odd. The Trib Company just put in some money to expand the bleachers and (thus) revenue. If they were planning on selling the franchise, wouldn't it make more sense to postpone the renovations and force the new owners to pay the bill?

ShoelessJoeS
10-31-2005, 08:13 PM
Yea, it's about time that the scrubs just pack up and move right outta town...hopefully taking their fans with in the process :cool:

(not gonna happen, but that would be awesome)

peeonwrigley
10-31-2005, 10:11 PM
The timing of this rumor is odd. The Trib Company just put in some money to expand the bleachers and (thus) revenue. If they were planning on selling the franchise, wouldn't it make more sense to postpone the renovations and force the new owners to pay the bill?

They've been nailed by litigation lately - I think it has played out as worst case scenario for them.

I think they'll hold on to the Cubs but even they know Wrigley isn't going to last forever. And if they eventually want to rebuild in the same neighborhood its going to cost a ton. This may be the ideal time to unload the team... the value might not get much higher. Plus they will probably still have a favorable position in negotiating broadcast rights.

HotelWhiteSox
10-31-2005, 10:37 PM
I heard the Tribune fabricated this to try and get some attention away from the Sox.

So one mentioned Cuban, he wants the Pirates

slavko
11-04-2005, 06:43 PM
Very interesting caller to Murph on WSCR today. Northbrook businessman named Jim Anixter, huge Cub fan, interested in buying the club, has the money to do so from the sale of his business.

Following is the interesting part: He led a group which bid on the Cubs when the Wrigley family was selling them 25 years ago. His group's bid (all cash) was rejected by the Wrigley family. A week later the Tribune bought the club for $1.5M less than the Anixter group offered. The Wrigley family (not the Tribune) issued a statement saying that they didn't want the Cubs going to a group like the one that had just bought the White Sox.

So apparently, the Wrigley family had something against groups.

Vernam
11-04-2005, 08:00 PM
Very interesting caller to Murph on WSCR today. Northbrook businessman named Jim Anixter, huge Cub fan, interested in buying the club, has the money to do so from the sale of his business.I heard him, too. It's funny to me that some Cub fans are suddenly unhappy that they have a deep-pocketed corporate owner. Murphy was talking about how that ownership model hasn't worked well in general, whereas guys like Reinsdorf and Moreno bring more passion to winning and view ownership more as a public trust than a moneymaking proposition. :rolleyes: There might be some truth to that -- I'm sure happy the Trib doesn't own my favorite team -- but MLB is full of small-market teams that would like to have the same "obstacles" faced by the Cubs.

Imitation really is the sincerest form of flattery, I guess. Corey Patterson's biggest problem this year was the emergence of Pods across town, just as Dusty is being compared unfavorably to his former friend Ozzie. So it should come as no surprise that the North Siders want to clone Reinsdorf all of a sudden. Oh, the irony.

Vernam

Dolly
11-06-2005, 09:55 PM
I meant just this year.

Why, have they not won anything in a while?:D:

Of course they have. Didn't you hear about their great, big attendance trophy?

Tragg
11-06-2005, 11:52 PM
The problem, it seems to me, is that the Cubs lose value as soon as their own national media mouthpiece stops owning it. So it has a greater value to the current owners than it does to future owners. t