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

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E.J. Chicago Cubs

E.J.

Old-Timey Member
Posted
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I agree with maybe 3 of those.

 

I got about 5-6.

 

It's ridiculous that we don't have a video board anywhere in the stadium. It's 2009, not 1959.

 

The Cubs don't need a Jumbotron to "affect the energy level of the crowd." Cubs fans don't need huge "Get Loud!" signs to tell them when it's an important situation in the game and when the crowd needs to get loud.

 

I found it ridiculous that he mentioned that it helped pump the Dodgers faithful up. Isn't Wrigley pretty wild on its own?

 

Yeah, those Dodger fans are too busy playing with beach balls to see what's going on on the field. They actually need a huge jumbotron to tell them to get loud. Wrigley def doesn't have that problem.

Sammys Boombox ACL Cubs

Sammys Boombox

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According to WGN's sports update, the deal is supposed to be finalized on Friday, with the owners voting on the new ownership at the end of October.

 

Who wants to bet that this doesn't happen?

 

Good thing nobody took that bet.

NCCubFan MVP

NCCubFan

Old-Timey Member
Posted
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So does the Ricketts family officially own the Cubs or does trib still technically own until approval?
The Trib technically is still the owner. Similar to buying real estate, in the sense that, even after a sale agreement has been signed, the seller still owns the property until closing.
Outshined_One Cooperstown

Outshined_One

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The bankruptcy court hearing to approve the sale will be held Monday, Aug. 31.

 

Should get through without a hitch. Bankruptcy Court judges are usually incredibly passive and the creditors would be buffoons to block this sale since it would substantially devalue the franchise and cut them off from a source of payments.

Irrelevant Dude Knoxville Smokies

Irrelevant Dude

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The bankruptcy court hearing to approve the sale will be held Monday, Aug. 31.

 

Should get through without a hitch. Bankruptcy Court judges are usually incredibly passive and the creditors would be buffoons to block this sale since it would substantially devalue the franchise and cut them off from a source of payments.

Dan Bernstein indicated today that there is still the outside possibility of another bidder getting involved. There is a $20 Million backout clause in the contract, so theoretically if Utay or anyone else came in with a bid that is more than $20 Million above Ricketts' bid, Zell could back out and sell to the other party. Apparently Zell really dislikes Ricketts and doesn't like that Ricketts forced his hand by threatening to back out if the Tribune didn't agree to his terms. I would say that the chances of a new bid being accepted are very slim, but the fact remains that it is a possibility.

Outshined_One Cooperstown

Outshined_One

Community Moderator
Posted
Posted
The bankruptcy court hearing to approve the sale will be held Monday, Aug. 31.

 

Should get through without a hitch. Bankruptcy Court judges are usually incredibly passive and the creditors would be buffoons to block this sale since it would substantially devalue the franchise and cut them off from a source of payments.

Dan Bernstein indicated today that there is still the outside possibility of another bidder getting involved. There is a $20 Million backout clause in the contract, so theoretically if Utay or anyone else came in with a bid that is more than $20 Million above Ricketts' bid, Zell could back out and sell to the other party. Apparently Zell really dislikes Ricketts and doesn't like that Ricketts forced his hand by threatening to back out if the Tribune didn't agree to his terms. I would say that the chances of a new bid being accepted are very slim, but the fact remains that it is a possibility.

 

Considering the potential legal nightmares that would stem from something like that, I really cannot see that happening. Cases like Pennzoil v. Texaco send shivers down people's spines with good reason. There are ways around those kinds of clauses and I'm sure the Ricketts would be happy to argue for something like that if they could get a large damages award from Zell and Utay.

Stu Draft Eligible

Stu

Old-Timey Member
Posted
Posted
I think we need one of those "Everybody Clap Your Hands!" recordings. I hope Ricketts sees the light.
Guest

Guest

Guests
Posted
Posted
The bankruptcy court hearing to approve the sale will be held Monday, Aug. 31.

 

Should get through without a hitch. Bankruptcy Court judges are usually incredibly passive and the creditors would be buffoons to block this sale since it would substantially devalue the franchise and cut them off from a source of payments.

Dan Bernstein indicated today that there is still the outside possibility of another bidder getting involved. There is a $20 Million backout clause in the contract, so theoretically if Utay or anyone else came in with a bid that is more than $20 Million above Ricketts' bid, Zell could back out and sell to the other party. Apparently Zell really dislikes Ricketts and doesn't like that Ricketts forced his hand by threatening to back out if the Tribune didn't agree to his terms. I would say that the chances of a new bid being accepted are very slim, but the fact remains that it is a possibility.

 

Considering the potential legal nightmares that would stem from something like that, I really cannot see that happening. Cases like Pennzoil v. Texaco send shivers down people's spines with good reason. There are ways around those kinds of clauses and I'm sure the Ricketts would be happy to argue for something like that if they could get a large damages award from Zell and Utay.

O_O if you ever earn a fee of $10 million dollars would you retire?

  • 3 weeks later...
SouthSideRyan MVP

SouthSideRyan

Old-Timey Member
Posted
Posted

 

I was just going to post this.

 

Why in the hell did the Cubs previous owner sign a contract with comcast that runs until 2019? The cubs should've started their own network years ago. Regardless, the Cubs make a good buck!

 

The Cubs are 1/4 owners of Comcast. I don't think a Cub only network would work out.

Misfit College Ball

Misfit

Verified Member
Posted
Posted
Last thing Wrigley needs is a jumbotron telling fans when to get loud. I HATE it when I'm at other ballparks and seeing that.
bhogg South Bend Cubs

bhogg

Verified Member
Posted
Posted
Judge Kevin Carey on Monday approved a process that calls for any objections to the sale to be filed by Sept. 17, followed by a Sept. 24 hearing on court approval of the deal.

 

http://sports.espn.go.com/chicago/mlb/news/story?id=4435048

 

Shawon Dunston "formerly" objects:

http://www.chicagotribune.com/sports/baseball/cubs/chi-dunston-letter-photo,0,7254330.photo

 

 

 

Well if the cubs had given him that scholly money, maybe he could have taken a word processing course in college.

E.J. Chicago Cubs

E.J.

Old-Timey Member
Posted
Posted
Tribune Co.'s deal to transfer control of the Chicago Cubs to Omaha's Ricketts family cleared the first of two bankruptcy court hurdles Thursday.

 

U.S. Bankruptcy Judge Kevin Carey, who is presiding over Tribune Co.'s Chapter 11 bankruptcy case in Delaware, approved the company's involvement in a transaction valued at $845 million.

 

The move marks the first of two bankruptcy court approvals needed before the deal can officially close and the money flow to an escrow account for Tribune Co.'s creditors.

 

In the final step, the Cubs entity will itself make a Chapter 11 filing, with approval expected the next day. A Tribune Co. lawyer said the company has set Oct. 12 for the Cubs filing with an approval hearing on Oct. 13.

 

By then, Tribune Co. hopes to have cleared the only other hurdle to the deal: approval by the owners of Major League Baseball.

 

Tribune Co. attorney Bryan Krakauer of Sidley & Austin said in court that while he didn't have MLB approval in hand for the hearing as he had hoped, he did have assurances the process was moving smoothly. He said MLB Commissioner Bud Selig has reviewed the deal and recommended it to the owners for approval.

 

http://www.chicagotribune.com/business/chi-cubs-sale-sept24,0,4898003.story

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