What's the latest on the sale of the team?

[Oscar Zamora]

Anybody know what the latest is? This is utterly ridiculous, that it's taken this long.

[GhostRunner]

Anybody know what the latest is? This is utterly ridiculous, that it's taken this long.

The last update I heard was that Ricketts was trying to drum up outside investors to toss in funds in exchange for a seat on some new executive advisory board and a voice in the team's future decisions. So basically, it's nowhere close to being completed and sounds like a disaster waiting to happen if/when it finally does get finished.

[KingCubsFan]

Anybody know what the latest is? This is utterly ridiculous, that it's taken this long.

The last update I heard was that Ricketts was trying to drum up outside investors to toss in funds in exchange for a seat on some new executive advisory board and a voice in the team's future decisions. So basically, it's nowhere close to being completed and sounds like a disaster waiting to happen if/when it finally does get finished.

You mean minority owners, like a lot of other teams have? If anything, it should speed up the process.

[kroth1342]

Anybody know what the latest is? This is utterly ridiculous, that it's taken this long.

The last update I heard was that Ricketts was trying to drum up outside investors to toss in funds in exchange for a seat on some new executive advisory board and a voice in the team's future decisions. So basically, it's nowhere close to being completed and sounds like a disaster waiting to happen if/when it finally does get finished.

 

Kind of, except not.

 

Here's a quick note from the Sun-Times:

 

http://www.suntimes.com/business/1536114,CST-FIN-tick21.article

 

Chicago financier Thomas Ricketts, who plans to buy the Chicago Cubs for about $900 million, could raise about $100 million by selling limited stakes in the team, a source said Monday. The insider said Ricketts might offer preferred shares in the Cubs for about $25 million each. They could carry a guaranteed dividend but no say in management. Possible benefits include front-row seats and the chance to meet players.

 

What he's trying to do is raise equity shares in order to reduce the amount of debt he takes on to buy the team. Think of this as making a larger down payment when you buy a house - you will have to borrow less and potentially pay a lower interest rate. This is a good thing in today's credit environment.

 

And the sale has lasted this long, shouldn't we be happy if Ricketts can finance the purchase on better terms - even if it means waiting a couple months longer?

[NCCubFan]

And the sale has lasted this long, shouldn't we be happy if Ricketts can finance the purchase on better terms - even if it means waiting a couple months longer?

Not if it handcuffs Hendry and prevents him from adding payroll and trading for Peavy.

[KingCubsFan]

And the sale has lasted this long, shouldn't we be happy if Ricketts can finance the purchase on better terms - even if it means waiting a couple months longer?

Not if it handcuffs Hendry and prevents him from adding payroll and trading for Peavy.

So you'd sacrifice the long-term viability of the franchise for an extra month or two of Jake Peavy?

[Little Slide Rooter]

And the sale has lasted this long, shouldn't we be happy if Ricketts can finance the purchase on better terms - even if it means waiting a couple months longer?

Not if it handcuffs Hendry and prevents him from adding payroll and trading for Peavy.

So you'd sacrifice the long-term viability of the franchise for an extra month or two of Jake Peavy?

 

We may want to hang on to some of our prospects, because we may be relying on them in the next few years. All of the sudden the bottomless money pit of the tribune is gone, and Jim Hendry will soon be exposed as the worst GM ever.

[badnews]

Jim Hendry traded Scott Kazmir for Victor Zambrano?

[erik316wttn]

Jim Hendry traded Scott Kazmir for Victor Zambrano?

 

No, but Ricky Nolasco for Juan Pierre comes to mind. As does Wuertz for nothing, and DeRosa for nothing.

 

Yes, yes, I know about Lee, Aram, Nomar, Harden, etc.

[Mephistopheles]

Ricky Nolasco wasn't an elite prospect when he was traded. He was a decent one, but far from the quality of Scott Kazmir. Comparing the two is a bad, sad case of 20/20 hindsight.

[jersey cubs fan]

Ricky Nolasco wasn't an elite prospect when he was traded. He was a decent one, but far from the quality of Scott Kazmir. Comparing the two is a bad, sad case of 20/20 hindsight.

 

It's not 20/20 to call the 3 for Pierre trade absolutely horrible. It was predictable. No, none of the guys were Kazmir, but combined, they had significant value that was much greater than a piece of crap player like Pierre.

[Mephistopheles]

I didn't say it was a good trade, but to put it in the company of the Kazmir/Zambrano trade is going to far. A trade that would be in that company would be Josh Vitters for Carlos Silva.

[illiniguy]

I didn't say it was a good trade, but to put it in the company of the Kazmir/Zambrano trade is going to far. A trade that would be in that company would be Josh Vitters for Carlos Silva.

Don't give Jim any ideas.