Plan to Sell Wrigley to State Likely to Fall Through

[vance_the_cubs_fan]

Link.

 

Even if the state were in a healthy financial situation — which it is not, considering the $750 million to $1 billion it owes in unpaid bills and its $45 billion in unfunded pension liabilities — lawmakers said they would be hard-pressed to justify purchasing the iconic home of the Chicago Cubs baseball team.

 

“We’re not taking care of our roads and our bridges and our schools. Now we want to buy Wrigley?” Rep. Bill Mitchell,

 

R-Forsyth, said. “That’s just stupid.”

 

One lawmaker said the plan would be about as well-liked as Gov. Rod Blagojevich’s proposal last year to raise taxes on businesses. The so-called gross receipts tax plan went down in defeat when it received 107 “no” votes and zero “yes” votes.

 

“I would say this is going to be about as popular as the gross receipts tax, which means he’ll be lucky if it’s one or two votes,” Rep. Mike Boland, D-East Moline, said. “It’s just a far-out idea from where we’re at right now.”

[vance_the_cubs_fan]

Another article in the Trib deals with this as well.

 

Link.

 

It's not dead, but it's on life support," said one source. "It's not evident the deal will get done at all."

 

The potential deal-killers are plentiful. Mayor Richard Daley is chafing at the prospect of sales tax revenue being diverted and the ballpark's landmark status being changed. Illinois lawmakers, faced with dire funding problems, are resistant to the idea of spending money to help out a private business. And Cub fans have been howling at the prospect of naming rights being sold to help fund the deal, and the outcry appears to be scaring off potential corporate sponsors

[seanimal]

This is good news if it stays this way, both for Illinois taxpayers and for us Cubs fans.

[jersey cubs fan]

I was having a hard time understanding how or why this deal would get done. The state absolutely should not be in the business of sports stadium ownership. Any potential Cubs buyer would have to be nuts to pay anywhere close to $1B for the Cubs without Wrigley. I understand Zell was probably hoping he'd get close to the same number for the Cubs with or without the building, but it just didn't add up. Hopefully this dies, and the next owner gets everything and can move forward with a financially viable entity and relatively clean balance sheet that does not require cutbacks in spending. But just because "it's on life support" doesn't mean that it's over.

[98navigator]

From what I understand, the State owns US Cellular Field. I do not want this deal to be consummated because it is to the benefit of the future owner(s) of the Cubs, and Cubs fans, that Wrigley Field and the team be sold together. The new owner(s) will have the ability to maximize income streams without being hamstrung by a 30 year State lease in addition to the other longterm television and radio leases that have already been put into place. However, I agree that the deal being "on life support" does not mean that it is dead. Edited March 18, 2008 by 98navigator

[seanimal]

Let's hope that in due time, Illinois lawmakers do what's right and reject this potential purchase. In the meantime, Jim Thompson (former Governor and current Chairman, ISFA) is forging ahead with the potential deal.

 

"I'm on my way to Washington. In my absence, the final version of our offer is being prepared. That would mark the beginning of negotiations," said Thompson, chairman of the Illinois Sports Facilities Authority.

 

"We either reach agreement with the Tribune that I and other constituencies agree is appropriate or we don't, and Sam can figure out another way to sell it."

[jiml60]

I was having a hard time understanding how or why this deal would get done. The state absolutely should not be in the business of sports stadium ownership. Any potential Cubs buyer would have to be nuts to pay anywhere close to $1B for the Cubs without Wrigley. I understand Zell was probably hoping he'd get close to the same number for the Cubs with or without the building, but it just didn't add up. Hopefully this dies, and the next owner gets everything and can move forward with a financially viable entity and relatively clean balance sheet that does not require cutbacks in spending. .But just because "it's on life support" doesn't mean that it's over

 

The White Sox stadium deal was on life support until Thompson stepped in at the last minute and saved the Sox from going to Florida. I hate that guy for that.

[vance_the_cubs_fan]

Lawmakers still seem to be balking at the idea of a state purchase of Wrigley.

 

Link.

 

Illinois lawmakers balked Tuesday at the idea of the state purchasing Wrigley Field, believing there are more pressing needs.

 

"It is stunning to me that we are dithering around with this issue, wasting one second of time, talent that we have in the state that we could put anywhere else," said Sen. Christine Radogno, a Lemont Republican, during hearings at the Capitol.

 

[Soul]

This is a dumb idea, indeed.

[daske17]

Seriously. The legislature doesn't want the state to buy Wrigley. Most Illinoisans don't want the state to buy Wrigley. However, because Blago is a Cubs fan and Zell wants money now, this deal won't die.

 

I'm sure there are worse run states in this country, but I'm hard pressed to find them.