Re: Sale of Cubs to Ricketts Complete (p. 15)

[17 Seconds]

Tom Ricketts lines up banks to close Cubs sale

 

By Paul Sullivan

 

Sports Business Journal reports today that Tom Ricketts has lined up three banks- JPMorgan Chase, Citigroup and Bank of America- to arrange the $450 million in financing needed to close the Ricketts family's $900 million acquisition of the Cubs.

 

The magazine said the deal could be done by this week, and that the potential closing date is in July, after the bid is sent to the court overseeing the Tribune Co. bankruptcy. The Cubs have been on the market since April of 2007. The Ricketts family still must be approved by Major League owners, though that should not be a problem.

 

http://blogs.chicagosports.chicagotribune.com/sports_hardball/2009/05/tom-ricketts-lines-up-banks-to-close-cubs-sale.html

[ctcf]

Hooray

[Fred Hornkohl]

[yawn]

[Little Slide Rooter]

Good. Now go rescue Jake Peavy.

[Old Style]

Good. Now go rescue Jake Peavy.

What he said.

[Guest]

The Ricketts family still must be approved by Major League owners, though that should not be a problem.

 

Well that seems a little bit bassackwards.

[David]

July would be just in time for the deadline.

[NCCubFan]

Free Peavy.

[Little Slide Rooter]

July would be just in time for the deadline.

 

If its essentially a done deal, and only formalities are in the way, cant he give Hendry the go ahead to get the deal done?

[Banedon]

The Ricketts family still must be approved by Major League owners, though that should not be a problem.

 

Well that seems a little bit bassackwards.

 

How hilarious would it be at this point, after the struggle to come up with the money, for them to say "you know what, we don't think we're going to approve the sale"...

[CubColtPacer]

July would be just in time for the deadline.

 

If its essentially a done deal, and only formalities are in the way, cant he give Hendry the go ahead to get the deal done?

 

If the Tribune doesn't want to take the risk, then no he can't. And the Tribune might not budge on it...they're taking on risk for very little possible benefit to them.

[Old Style]

Free Peavy.

If he was free, he'd already be a Cub.

[Outshined_One]

Cue people whining about banks spending TARP money on financing this deal.

[Hawk4Hall]

Good. Now go rescue Jake Peavy.

This.

 

[PackLandVA]

July would be just in time for the deadline.

 

If its essentially a done deal, and only formalities are in the way, cant he give Hendry the go ahead to get the deal done?

 

If the Tribune doesn't want to take the risk, then no he can't. And the Tribune might not budge on it...they're taking on risk for very little possible benefit to them.

 

I'd imagine since the Trib is currently in bankruptcy court, they're probably not allowed to take on the extra long term salary as debt.

[mcgoobs]

Cue people whining about banks spending TARP money on financing this deal.

 

TARP funds the banks who finance the transaction.

 

The transaction allows the Cubs to get Peavy.

 

This allows the Cubs to win more games.

 

Which spurs higher ratings on TV for Cubs games, more Cubs jersey sales, etc

 

Which creates jobs.

 

And also more income for people to buy more Peavy jerseys.

 

This is exactly what TARP is for!

[cubswin2009]

Sounds like this thing will get done as soon as July 3010.

[CubFanPhilly]

It's hard to imagine payroll growing with that much leverage. The interest on $450 mil. alone will consume most of the free cashflows generated by the operation.

 

Not good.

[TruffleShuffle]

It's hard to imagine payroll growing with that much leverage. The interest on $450 mil. alone will consume most of the free cashflows generated by the operation.

 

Not good.

 

well hopefully ricketts will be smart enough to know that if the cubs stay good and competitive, the value of the franchise will be growing, and if he wants to make money in the long run he should keep the franchise growing rather than freeze spending because he isn't making money in the short term.

[Little Slide Rooter]

Cue people whining about banks spending TARP money on financing this deal.

 

TARP funds the banks who finance the transaction.

 

The transaction allows the Cubs to get Peavy.

 

This allows the Cubs to win more games.

 

Which spurs higher ratings on TV for Cubs games, more Cubs jersey sales, etc

 

Which creates jobs.

 

And also more income for people to buy more Peavy jerseys.

 

This is exactly what TARP is for!

 

Jake Peavy is the cure for our economic crisis. Possibly the swine flu. Not trading for him would be an injustice.

[PackLandVA]

 

Jake Peavy is the cure for our economic crisis. Possibly the swine flu. Not trading for him would be an injustice.

 

 

NO. Chuck Norris is the cure for our economic crisis.

[Brian]

Chicago NBC or ABC had a thing on their ticker this morning that Rickets went to Bill Murray, Jim Belushi (that's the one that's still alive right?) and John Cusack for money to buy into the team. Edited May 20, 2009 by Brian

[Keener98]

Chicago NBC or ABC had a thing on their ticker this morning that Rickets went to Bill Murray, Jim Belushi (that's the one that's still alive right?) and John Cusack for morning to buy into the team.

 

Ya Kaplan was talking about it on CSN live. They would be minority owners and really wouldnt have a say in anything, he just wants their money basically.

[NCCubFan]

Jim Belushi (that's the one that's still alive right?)

Yes; John's the one who died.

[C.C.]

Jim Belushi (that's the one that's still alive right?)

Yes; John's the one who died.

 

Obviously.