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Still More On The Cubs' New Minority Investors

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A few more details have emerged on the sale of minority shares in the Chicago Cubs by the Ricketts family.

Al Yellon

Within the last week I've written about the Cubs selling minority shares in the club here and here.

There's a bit more information on this sale, which was made to help pay for the Wrigley Field expansion/renovation/restoration project, in this Tribune article, so I thought I'd pass it along to you.

First, the article says the six investing partners own "less than 10 percent" of the holding company that owns the Cubs and they have "no voting rights." It's not too late for you to get in on the action, though:

The team received so much interest during fundraising that the Ricketts family is considering a second round, the sources said. Additional ownership stakes would be sold for about $5 million a piece, a much smaller amount than the investments made by the six limited partners, they said.

So let's see. If we could get five million BCB readers to donate $1 each, we could get one of these! (I'm kidding. Mostly.)

Only one of the investors -- South Bend Cubs owner Andrew Berlin -- has identified himself, but the article cites Ricketts family spokesman Dennis Culloton as saying that the others can do so if they choose to.

Speaking of Berlin, he remains a limited partner in the White Sox ownership group. I had wondered how that would work, considering MLB frowns on individuals owning parts of more than one team. The article clears that up:

Major League Baseball allows an individual to be an investor in more than one team as long as the financial interest is less than 5 percent in each team, said MLB spokesman Mike Teevan.

So in theory, Tribune Media, which still owns five percent of the Cubs, could buy a part of another team. The mind boggles at that prospect. Perhaps after 2019, when the restrictions put on the sale of the Cubs from Tribune Company expire, that five percent will be bought back by the Ricketts family or another entity.

Anyway, thought you'd like to see this additional information on the sale of minority shares in the Cubs.