The Ricketts family has finally closed on a purchase of the Chicago Cubs and Wrigley Field. Now what?
The Ricketts family has finally closed on a purchase of the Chicago Cubs and Wrigley Field. Now what?
Nothing immediately, we're told; the family doesn't want to be a distraction during the pennant drive, with the Cubs still hanging in contention both for a divisional title and a wild-card slot — barely.
But after the season, you can expect the Ricketts to be making some moves. First, we're guessing GM Jim Hendry is a little nervous about his future: despite a large payroll and a lot of freedom from President Crane Kenney, Hendry has failed to establish the Cubs as a consistent winner. The team is barely above .500 this season and stood pat at the trading deadline.
Second, the Cubs needs to make some facilities decisions. Wrigley Field is in sore need of a major facelift, a project that could cost as much as $285 million. The plans for a sensitive renovation have been on the books for years; it's time for the Ricketts to decide whether the spending will yield a suitable return on investment. The Cubs have also talked about changes to their spring-training setup, with either a new ballpark or a HoHoKam Park renovation.
The final sale price, we're told: $845 million, less than a billion we estimated the team, ballpark and stake in a local sports cable network were worth two years ago. Then again, that estimate was made before the economy tanked, at a time when several bidders for the team were using a valuation of a million dollars as well.
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