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Mark Cuban Goes Public On The Cubs Sale

For the first time, Cuban discusses his involvement with the Cubs sale in this post on his blog, BlogMaverick.

Interesting take, and it appears the credit crunch has taken its toll on Cuban, as it has on everyone else, and may be the one factor most to blame for delaying the sale.

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Interesting read

Thanks for the post. I said it before and this article reiterates the idea that Reinsdorf and Cuban get along just fine. BCB’ers want to believe they have “inside knowledge” about their relationship, but the fact is they seem to like each other. At least they say they do.

"Pounding sand since 1982...."

by cubswynn on Jan 6, 2009 9:17 AM CST reply reply actions actions   0 recs

This post appears to confirm...

… what I’d heard, that Cuban wasn’t putting in a lot of his own money, and as a result his offer might not have been the best one. We just don’t know yet.

I still think the Ricketts group is the most likely to get the team.

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al on Jan 6, 2009 9:25 AM CST to parent up reply reply actions actions   0 recs

Another thing that jumped out at me....

….is that even billionaires like Cuban have been affected by the credit crisis. That is nuts. I understand why he didn’t disclose $$$’s amounts, but that would have been very interesting.

"Pounding sand since 1982...."

by cubswynn on Jan 6, 2009 9:29 AM CST to parent up reply reply actions actions   0 recs

Actually...

we do. CNBC just reported that the Cubs are down to three finalists, with a winnning bid to be announced within 10 days. Cuban is not on the list.

by Damen Jackson on Jan 6, 2009 12:27 PM CST to parent up reply reply actions actions   0 recs

Did they confirm it was 3 finalists?

Or were they just taking the info from what we heard last month, which is that there were “at least” three finalists?

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al on Jan 6, 2009 1:11 PM CST to parent up reply reply actions actions   0 recs

There are three...

as reported by them, and apparently the Tribune this morning. It’s Ricketts, Utay, and Klaff(sp?). Apparently the credit crunch affects some billionaires more than others.

It’s likely not a coincidence that Cuban decided to be so “transparent” about his dealings on the day that the Tribune informs the media that he isn’t a finalist. Frankly, the blog post strikes me as little more than spin.

http://www.chicagotribune.com/business/chi-tue-cubs-bidsjan06,0,7824205.story

by Damen Jackson on Jan 6, 2009 1:16 PM CST to parent up reply reply actions actions   0 recs

Thanks Al

This is a much more detailed story from Cuban than I ever expected to read. Still, there are key details that have been left off, primarily on how his legal issues were/are affecting his negotiation stance. Still, it is helpful to know that our theories about the effect of the credit crisis on the sale are very valid. We’ll soon see if a buyer really can be selected next week and if they can actually pay the Tribune Co. before the next debt payment is due.

by Qixotl on Jan 6, 2009 9:28 AM CST reply reply actions actions   0 recs

You actually shouldn't be surprised that Cuban is open like this.

He is a very open and honest individual. That’s one reason him and Stern have butt heads.

Moreover it’s widely know that he publishes his personal email address and that anyone who wants to email him, can expect a response. Seriously.

"Pounding sand since 1982...."

by cubswynn on Jan 6, 2009 9:31 AM CST to parent up reply reply actions actions   0 recs

I would think his lawyer has told him....

… not to talk about that publicly.

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al on Jan 6, 2009 9:34 AM CST to parent up reply reply actions actions   0 recs

Good point. That type of information can swing a deal like this

millions of dollers in one way or the other. Big money guys tend to frown on that type of information being made public. Cuban is smart enough not to expose himself to that kind of risk. Loose lips can really sink your ship in this case.

"Hats for bats.....keep bats warm." - Pedro Cerrano
"Hey bartender, Jobu needs a refill !!!!!!!" - Eddie Harris

by willie mays hayes' gloves on Jan 6, 2009 9:39 AM CST to parent up reply reply actions actions   0 recs

I'm positive that is the case...

but I have to assume that part of the reason why he has not heard back about his extension request is because of his issues with the SEC. In the end, leaving out that detail makes this enormous blog entry strangely seem somewhat incomplete. I do appreciate the level of candor that he did provide.

by Qixotl on Jan 6, 2009 9:40 AM CST to parent up reply reply actions actions   0 recs

Hmm

I read the article completely different. Instead of thinking it was “incomplete,” I appreciated the fact that he said anything at all. But I see what you’re saying.

"Pounding sand since 1982...."

by cubswynn on Jan 6, 2009 9:43 AM CST to parent up reply reply actions actions   0 recs

SEC

I doubt Cuban’s SEC case has anything to do with his Cubs bid. The SEC case is a civil case that only seeks only restitution and penalty, not jail time. The SEC’s case also appears very weak if they are basing the charges on a single conversation.

The journey is the reward!

by wicubfan on Jan 6, 2009 12:55 PM CST to parent up reply reply actions actions   0 recs

Well I'm glad Mark Cuban settled it once and for all
Cash was and is king.

I love to play baseball. I'm a baseball player. I've always been a baseball player. I'm still a baseball player. That's who I am. - Ryne Sandberg

by Trey2317 on Jan 6, 2009 10:13 AM CST reply reply actions actions   0 recs

I thought pitching was king.

"Hats for bats.....keep bats warm." - Pedro Cerrano
"Hey bartender, Jobu needs a refill !!!!!!!" - Eddie Harris

by willie mays hayes' gloves on Jan 6, 2009 10:31 AM CST to parent up reply reply actions actions   0 recs

Mark Cuban says otherwise.

Not even power pitching beats cash.

I love to play baseball. I'm a baseball player. I've always been a baseball player. I'm still a baseball player. That's who I am. - Ryne Sandberg

by Trey2317 on Jan 6, 2009 10:48 AM CST to parent up reply reply actions actions   0 recs

Blasphemy!

"Hats for bats.....keep bats warm." - Pedro Cerrano
"Hey bartender, Jobu needs a refill !!!!!!!" - Eddie Harris

by willie mays hayes' gloves on Jan 6, 2009 10:53 AM CST to parent up reply reply actions actions   0 recs

Power pitching responds to cash, however.

It’s like paper-rock-scissors.

I love to play baseball. I'm a baseball player. I've always been a baseball player. I'm still a baseball player. That's who I am. - Ryne Sandberg

by Trey2317 on Jan 6, 2009 12:09 PM CST to parent up reply reply actions actions   0 recs

Power pitching = cash.

Power pitching = cash = king.

Therefore, if Cuban wants to be king of the Cubs, he better show up to ST in shape.

by Flatley on Jan 6, 2009 10:58 AM CST to parent up reply reply actions actions   0 recs

Actually, Kerry is King

"That’s what I love about my skip, man. He’ll tell you that you suck...I know I suck. We know we suck...Yeah, we suck. But we’ll see who sucks at the end."
- Gary Sheffield

by DrGalazkiewicz on Jan 6, 2009 8:01 PM CST to parent up reply reply actions actions   0 recs

Nope, but he'd make a good back-up to Soto

"A child of five would understand this. Send someone to fetch a child of five." ~Groucho Marx

by Jettero2112 on Jan 6, 2009 10:55 AM CST to parent up reply reply actions actions   0 recs

I thought Ray was King?

Just because I don't care doesn't mean I don't understand. - Homer J Simpson

by MikeOxbyg on Jan 6, 2009 11:31 AM CST to parent up reply reply actions actions   0 recs

No, Ray is fat.

"Hats for bats.....keep bats warm." - Pedro Cerrano
"Hey bartender, Jobu needs a refill !!!!!!!" - Eddie Harris

by willie mays hayes' gloves on Jan 6, 2009 11:48 AM CST to parent up reply reply actions actions   0 recs

Maybe Elvis is Ray.

That would be a very good disguise.

"I see great things in baseball. It's our game - the American game." - Walt Whitman

by hip2bsquare on Jan 6, 2009 1:27 PM CST to parent up reply reply actions actions   0 recs

That photo makes him look skinny.

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al on Jan 6, 2009 1:12 PM CST to parent up reply reply actions actions   0 recs

Well at least the baby looks healthy.

He’s gotta be what, 8 months along in that photo?

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 1:45 PM CST to parent up reply reply actions actions   0 recs

No wonder he pitched only 12 games last year.

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al on Jan 6, 2009 1:47 PM CST to parent up reply reply actions actions   0 recs

That 'Pregnant Man' show

has nothing on Ray King.

I love to play baseball. I'm a baseball player. I've always been a baseball player. I'm still a baseball player. That's who I am. - Ryne Sandberg

by Trey2317 on Jan 6, 2009 1:47 PM CST to parent up reply reply actions actions   0 recs

He's carrying high...

it must be a boy.

As I've told you before, I never repeat myself.

by santoswoodenlegs on Jan 6, 2009 1:49 PM CST to parent up reply reply actions actions   0 recs

BB is King.

Bleed Cubbie Blue: Like Drāno for your internet tubes.

by znohitter on Jan 6, 2009 8:29 PM CST to parent up reply reply actions actions   0 recs

so right you are

"Truth does not do as much good in the world as the semblance of truth does evil," - Duc de La Rochefoucauld, Maxims, 64.

by Emelie on Jan 6, 2009 8:54 PM CST to parent up reply reply actions actions   0 recs

Cuban did hint at a possible problem he would have had with the White Sox right away

When he talkes about how he would have demanded the Cubs be treated differently than the Sox in buisness dealings. That could easily be the reason Reinsdorf would be against Cuban buying the Cubs.

My sense of the entire situation was that whoever the new owner of the Cubs would be, it was in the Sox best interest for things to stay business as usual. Published TV ratings and other published measures showed that the Cubs were more popular than the Sox, yet before I even started looking at the Cubs, I knew from my discussions with people in the NBA that the Cubs and Sox were treated as equals in their business dealings. That was great for the Sox, not so good for the Cubs. Im guessing the people in the Sox organization knew, that if I bought the team, particularly at the price point that was being suggested in the papers, there was no way I would just accept parity in future business dealings. I was going to have to try to negotiate the very best deals possible for the Cubs, even if it was at the expense of the White Sox.




I

Let the Blaine Gabbert era begin.

by nji232 on Jan 6, 2009 10:52 AM CST reply reply actions actions   0 recs

which, of course, doesn't make sense

the only place where the Cubs and Sox are treated as financial equals is CSN, where they are each 1/4 owners with the Bulls and Blackhawks. If he’s trying to argue that he should have a greater stake in CSN, he needn’t look in the Sox direction.

AIM: SouthSideCheat

by The Cheat on Jan 6, 2009 2:49 PM CST to parent up reply reply actions actions   0 recs

I stand by my original assessment

that Cuban would have been an excellent asset and owner of this team. The guy built a fanbase out of nothing with the Mavericks, cares about his players, their successes, and literally created a legion of followers and supporters. With most of that already here at Wrigley, Cuban would have plenty of time to devout monies to winning, and winning big. Personally, I’d like to see more Cubans as owners and less Pohlads. I understand it is a business, but I care for my teams to be owned by someone that actually gives a shit about the product on the field, not just the financial gains.

Dan

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 10:55 AM CST reply reply actions actions   0 recs

What do you think they were going to say?

when he said

In my conversations with owners around the league…….. what was most interesting to me, was that a recurring theme was that they thought I would be good for baseball.

I hope they meant that, I would love the Cuban to own the Cubs.

"Loyal? I'm the most loyal player money can buy."
- Dodgers, Astros, Brewers, A's & Angels pitcher Don Sutton

by CubFreak on Jan 6, 2009 11:32 AM CST reply reply actions actions   0 recs

I would love the Cuban to own the Cubs

I meant I would love Mark Cuban to own the Cubs
Not the Cuban(s)

"Loyal? I'm the most loyal player money can buy."
- Dodgers, Astros, Brewers, A's & Angels pitcher Don Sutton

by CubFreak on Jan 6, 2009 11:55 AM CST reply reply actions actions   0 recs

I think Cuban knows a little more then we expect

He is a genious business man, and the fact that he backed off a little but kept is foot in the door in case someone was to grab it and make him owner shows that there is still a slight possibility “the Cuban” as Cubfreak accidently put, can buy this team. Al, I know you are not a huge fan of his, but does this blog entry show you his dedication to winning PLUS a smart outlook on how he would spend his money by not trying to outspend the eastcoast teams (Yankees, BoSox), but rather focusing on being the better team in the division and the better team in the NL. Spend for the sake of winning, not spending for the sake of spending. Alot of people thought that this was his problem.. if he is telling the truth, and I believe him, that could swing more people his way in the city… but of course thats not what makes the decision in the end

WOW WHAT A SEASON!

by SouthsideCUBSfan on Jan 6, 2009 1:01 PM CST reply reply actions actions   0 recs

Many levels to this personal post

Relative to the Cubs and Cub fans are this:

A) Leveraging or financing a purchase of this is not welcomed now by the credit markets. Taken in context with Bloomberg’s release of a buyer’s analysis of the Cubs as a business asset that they have almost maximized their revenue generation level tells me that financing arms don’t like the risk.
B) Cash or increased cash down payments decreases the purchase price and either increases the personal finance structure (more partners) or depletes reserve cash capital to invest directly into the operations.
C) The confluence of the White Sox is a market complexity that only diminishes business flexibility or value.
D) The long view of the division rivals shows that payroll pressures are not huge hurdles (meaning STL, Houston, MILW, Cinci, Pitt) and the payroll pressures in the AL are not primary.

Shrinkage was the unspoken word, revenue shrinkage & credit shrinkage was big but he was thankful for the league and Tribune Co assistance in the process. It also signaled that the decision and price is all but finalized except for probably the language.

Piniella: "This is a tougher job than I thought it would be, I'm going to be honest with you."

by Ivy Walls on Jan 6, 2009 1:18 PM CST reply reply actions actions   0 recs

If I may.

Cuban seems to have erred… He states:

I had no intentions of trying to outspend the Yankees or Red Sox. There was no reason to. I didnt have to beat either of those teams unless I made it to the World Series. The only teams I had to be better than were those in the National League, and more importantly, those in my division. There were no big spending rivals close to home, so the AL East could spend themselves silly.

However, the payroll for the NY Mets for 2008 was: $138,293,378 (The highest in the NL and the 3rd highest in all of MLB). So as far as not having to compete with another NL team in regards to money, he was wrong.

Source: http://www.postgameheroes.com/?p=2159

Regardless, if there was a guy available to buy and run my show, I could think of many that are worse.

" Well isn't this place a geographical oddity? Two weeks from everywhere! "

by LOUtheMETandNATSfan on Jan 6, 2009 1:58 PM CST reply reply actions actions   0 recs

Thank you Mets fan!

What did $138,000,000+ buy you? 2nd place!

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 2:38 PM CST to parent up reply reply actions actions   0 recs

Not in MLB

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 2:38 PM CST to parent up reply reply actions actions   0 recs

Not in the NL

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 2:38 PM CST to parent up reply reply actions actions   0 recs

2nd in the NL East!

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 2:38 PM CST to parent up reply reply actions actions   0 recs

Great job at being a jerk, jerk.
I had no intentions of trying to outspend the Yankees or Red Sox. There was no reason to. I didnt have to beat either of those teams unless I made it to the World Series. The only teams I had to be better than were those in the National League, and more importantly, those in my division

For you and metsfan

by NittanyCub on Jan 6, 2009 3:11 PM CST to parent up reply reply actions actions   0 recs

Who the hell pissed in your cherrios?
The only teams I had to be better than were those in the National League

Don’t pick gnat shit out of pepper

" Well isn't this place a geographical oddity? Two weeks from everywhere! "

by LOUtheMETandNATSfan on Jan 6, 2009 3:13 PM CST to parent up reply reply actions actions   0 recs

I was trying to help you out, man

Again,

more importantly, those in my division

by NittanyCub on Jan 6, 2009 3:15 PM CST to parent up reply reply actions actions   0 recs

no harm no foul

" Well isn't this place a geographical oddity? Two weeks from everywhere! "

by LOUtheMETandNATSfan on Jan 6, 2009 3:18 PM CST to parent up reply reply actions actions   0 recs

Didn't know we were name calling now, Nittany.

We have both been here long enough (and get along) I am somewhat surprised you’re doing so.

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 3:40 PM CST to parent up reply reply actions actions   0 recs

I don't think he was calling YOU a jerk.

I think he was quoting Cuban and calling HIM a jerk.

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al on Jan 6, 2009 3:50 PM CST to parent up reply reply actions actions   0 recs

At this point, I literally have no idea what's going on.

LOUtheMETSfan: I didn’t mean to attack you. I don’t like the Mets, well, much at all. I shouldn’t have been a jerk.

NittanyCub: No qualms.

Dan

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 3:54 PM CST to parent up reply reply actions actions   0 recs

it's all good

" Well isn't this place a geographical oddity? Two weeks from everywhere! "

by LOUtheMETandNATSfan on Jan 6, 2009 5:29 PM CST to parent up reply reply actions actions   0 recs

Whoa!

Don’t get your panties in a wad. I wasn’t arguing on “behalf” of the Mets. I’m just pointing out a fact. He (Cuban) said he did his homework. Apparently, he’s not paying attention to the details.

" Well isn't this place a geographical oddity? Two weeks from everywhere! "

by LOUtheMETandNATSfan on Jan 6, 2009 3:12 PM CST to parent up reply reply actions actions   0 recs

Oh, I thought you were fending for the NYM there.

My bad, I shouldn’t have been so harsh. I’m sorry.

Dan

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 6, 2009 3:40 PM CST to parent up reply reply actions actions   0 recs

no worries

" Well isn't this place a geographical oddity? Two weeks from everywhere! "

by LOUtheMETandNATSfan on Jan 6, 2009 5:28 PM CST to parent up reply reply actions actions   0 recs

The key to the whole thing

was he can get a better return elsewhere – significantly better return – for that amount of expenditure.

Sweet Lou for Mayor in '11.

by blackhawk24 on Jan 6, 2009 4:33 PM CST reply reply actions actions   1 recs

Exactly

Which is what he was saying at the end of his piece. If he was going to spend the kind of money being talked about, he would do better with it elsewhere. He was able to separate the romantic side of owning the Cubs from the practical. I’m not a big Cuban fan, but I’ve got to give him credit for being able to be so honest about that part of it. Those who are upset and/or think Cuban was screwed out of this should think about that for a moment or two.

"When they signed Fukudome, I knew they were trying to get me fired". - Ron Santo, January, 2008

by BeerCub on Jan 7, 2009 7:22 AM CST to parent up reply reply actions actions   0 recs

When it will all be said and done

the only way I would have considered Cuban being screwed is if Trib selected him with the largest offer, then MLB owners blocked him and the Trib had to take something like 20% less from a Canning group.

Of course lots of other things had to have happened, including not such a big economy downturn, Canning actually being in it anymore and the Trib not filing for Ch.11. This whole Ch.11 thing may turn out to be very, very interesting.

Sweet Lou for Mayor in '11.

by blackhawk24 on Jan 7, 2009 10:02 AM CST to parent up reply reply actions actions   0 recs

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