Ricketts seeking help from celebs?

I am not sure what I think about this. I suppose anything that will help get the deal done is a good thing. There is some implication that in return for their investment, these celebs would get some "perks." I wonder what perks Ricketts could offer that they don't already enjoy.

6 months ago gwood 13 comments 0 recs |

Story-email Email Printer Print

Comments

Your post's headline is a little misleading.

No one has taken Ricketts up on this “offer” yet… and I suspect no one will, in this economy, with the very small benefit they’d get from it.

"You can observe a lot just by watching." ~ Yogi Berra

by Al on May 19, 2009 10:27 AM CDT reply actions 0 recs

Tried editing the title

I agree though that the celebs don’t need to spend the $25 million for any kind of perks. They likely already get those perks.

"Respect" ~ Ryne Sandberg

by gwood on May 19, 2009 10:52 AM CDT up reply actions 0 recs

This reinforces the notion that Ricketts is heavily financing purchase of the Cubs

Which supports my argument that a $140 million payroll is doubtful sustainable at some point. Sure, Ricketts can whore out Wrigley Field even further and maybe start a network to generate more revenues. But we have no idea his business strategy yet for the Cubs. But what we do know is that he is going to want the Cubs to operate at a modest plus margin at some point. And with the debt load the family is taking I just don’t see how the payroll can stay at such a lofty level. I’m not saying it’s going to be slashed, but I will not be surprised if Hendry or his successor are under rather quick order to get the payroll down to the $110 million range.

by BLou on May 19, 2009 10:38 AM CDT reply actions 0 recs

Thank you, you nattering nabob of negativism.

1. The sale hasn’t even been completed yet. And Ricketts isn’t tipping his hand, at least not that I’ve seen.
2. The Ricketts family is estimated to be worth over $1Bil. Their actual stake in the club is estimated to be about $640Mil. (Both estimates from Forbes.) This leaves them with a fair chunk of (estimated) change to cover any shortages for a few years.
3. Ricketts is a Cubs fan. If he didn’t think he could make money AND keep the team competitive, I’d bet he would have passed on the opportunity. And slashing the payroll is not a good way to keep the team competitive. I’m sure that somewhere along the way, Ricketts has realized this.
4. Have the Cubs posted a financial loss in the past ten years? Even with the ballooning payroll? I highly doubt it. So what changes when Ricketts takes over?

I would be VERY surprised if Ricketts orders a payroll dump in the next year or two.

Judd Sirott is responsible for EVERYONE'S injury.
Bradley watch -- out 10 games of 36

by znohitter on May 19, 2009 11:15 AM CDT up reply actions 0 recs

Tweaks to your info - not saying I amright or wrong on #2 and #4, just my two cents

I have seen where Joe RIckets alone is worth 1.3 Billion, so their family worth is likely more than that.
Marc Cuban has explained that when you own a team, you can hope to break even at best, if you make a nickle count your blessings.
To my knowledge no, but they may have by using “creative accounting”. They show a loss in revenue for advertising of WGN signs leased at $1 a season, same with CSN. This is legal, and is done to shelter revenue for tax purposes.

BLou seems to be jumping to conclusions before anything is official, but BLou is also not taking into consideration anything else that has been presented to him time and time again here about this.

baseball is a game of outs......pop out, ground out, line out, pitch out, strike out, fly out, and Fox and Bud's favorite black out

by Cubbie-Tim on May 19, 2009 11:40 AM CDT up reply actions 0 recs

I'm not saying the Ricketts are expecting to line their pockets.

But they didn’t get where they are today (Omaha) by making business decisions that primarily lost them money. Given the difference between the Cubs and the Mavericks, particularly the fanbase size, I’d have to think that it would be possible to take home a few dollars at the end of a successful season if you were a shrewd businessman running a big-market baseball team.

Judd Sirott is responsible for EVERYONE'S injury.
Bradley watch -- out 10 games of 36

by znohitter on May 19, 2009 11:57 AM CDT up reply actions 0 recs

I can see both sides of this

Cuban and RIcketts are not the same people, with different interests

baseball is a game of outs......pop out, ground out, line out, pitch out, strike out, fly out, and Fox and Bud's favorite black out

by Cubbie-Tim on May 19, 2009 12:19 PM CDT up reply actions 0 recs

but we have seen things

We saw for the first time Jim Hendry having to clear salary to add players he wanted. Hendry had to move DeRosa and Marquis in order to take on Milton Bradley’s salary. We don’t know anything for sure but its not out of the question that this was due to the direction that Ricketts wanted the club to move into. According to many in the know, for maybe 6 months or more the Cubs have been discussing potential acquisitions with the potential owners.

I think that people are making a big mistake by assuming that because the family is worth so much that the they will spend. MLB is loaded with uber wealthy people who aren’t willing to break the bank.

by dmlichte on May 19, 2009 12:41 PM CDT up reply actions 0 recs

I don't expect Ricketts to throw everything he has at the Cubs.

But (to my mind, at least) there’s a reasonable expectation that he will keep payroll at its current level. The discussions with potential bidders makes it clear that team management wants to make this a fairly seamless transition, and a radical change in payroll upon the completion of the sale wouldn’t jive with that.

Judd Sirott is responsible for EVERYONE'S injury.
Bradley watch -- out 10 games of 36

by znohitter on May 19, 2009 12:55 PM CDT up reply actions 0 recs