FanPost

Old North Side Ball Yard To Be Sold With Cubs

Well, that sales tax growth-related plan (read as tax-subsidized gift to Sam Zell)wasn't going to work with the city, so big Jim [Thompson] was going with plan-B by trying equity seats rights to get the sale of the ball park to the state completed.

Zell needs to sell the team and ballpark to retire $13B of debt remaining from his leveraged buyout last year.

This is the gimmick where certain (read as the best) seats would be sold, like a mortgage either fixed or an agreed-upon variable, likely rising rate for a given time period.  The amortization of these seats would then be used to renovate the park.  Some of the numbers being thrown around were 20% of the seating, about 8,000 seats would raise monies in the neighborhood of $300M.

Since Zell and Kenney think it would violate the IRS code and be against MLB rules, they decided against this type of plan, who's inventor is trying to patent.

Bottom line is Zell is going to package the shrine at 1060 W. Addison with the Cubs.

So with the whole entire ruckus over these past several months, we should finally see the sale process accelerate.

In other news, Zell is selling Tribune Co's NY Newsday paper for $650M.

http://www.suntimes.com/news/politics/946163,CST-NWS-wrigley13.article

MLB offices is reviewing the Cubs books now and if approved will forward to the bidding parties.  Only parties mentioned are the old cronies club (Selig and Reinsdorf) headed up by John Canning, the Ricketts family of Omaha and our buddy Mark Cuban.  Nowhere is Don Levin mentioned; that is disappointing to say the least.

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