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

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C.C. Chicago Cubs

C.C.

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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.

 

Why not?

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SouthSideRyan MVP

SouthSideRyan

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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.

 

Why not?

 

Isn't even YES a joint venture with the Nets? If all you have is the Cubs for sports programming you're gonna have a lot of C-level sporting events to bid against Comcast for. I just don't think it's feasible.

jersey cubs fan GOAT

jersey cubs fan

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Isn't even YES a joint venture with the Nets? If all you have is the Cubs for sports programming you're gonna have a lot of C-level sporting events to bid against Comcast for. I just don't think it's feasible.

 

It was with Nets, but I don't think anymore. I agree though, a Cubs only network would be horrible. CSN-c is pretty good with several events and coverage of all teams. YES networks have 2 things going for it, Yankees games, and simulcasts of Mike Francesa (formerly Mike and Mad Dog) other than that it is completely useless. They've won 26 WS and have many more all-time greats to talk about and I don't know a Yankees fan who likes the channel.

C.C. Chicago Cubs

C.C.

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I think the YES! network is strictly Yankees. I think the Mets and Boston both have their own networks. I think the Cubs can support their own channel.

 

Edit: On second thought with WGN broadcasting 70 games still, it wouldn't be feasible.

SouthSideRyan MVP

SouthSideRyan

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Quick check has SNY showing Big East football and Jets non-game programming. NESN has the Bruins.

 

The Cubs channel would have to become the home of the Fire, Rush, Sky, Shamrocks, just to fill a schedule.

  • 2 weeks later...
Wilmo College Ball

Wilmo

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Finally! What an extremely drawn out process...

 

Anyone know the date the Cubs were put up for sale? Seems like the original target date of sale was around the beginning of the 08' season?

 

Now c'mon Ricketts family, make Cubs fans forget about the losing history and make fans of other teams wish they were Cubs fans. :thumbsup:

PrimeTime Myrtle Beach Pelicans

PrimeTime

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First day of buisness should be firing Hendry and Lou and everyone else in the organization who is an idiot and throwing Aaron miles into a shark tank
BCVM22 Myrtle Beach Pelicans

BCVM22

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Anyone know the date the Cubs were put up for sale? Seems like the original target date of sale was around the beginning of the 08' season?

 

The team was officially announced as "on the market" on Opening Day 2007, so it's taken two and a half years.

 

So what is left now? It still hasn't gotten the bankruptcy court approval, right? Or, are we literally done now?

 

I thought it got the bankruptcy approval already, but today's news story says differently. Regardless, the sale still has to close and despite all of that, the AP story says that Ricketts will take over day-to-day control of the team by the end of the month.

 

http://sports.yahoo.com/mlb/news?slug=ap-cubssale&prov=ap&type=lgns

NCCubFan MVP

NCCubFan

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it made it past the first hurdle of the bankruptcy process. the 2nd hurdle is the 13th.
Which is now less than a week away. The end is in sight.
ctcf Cooperstown

ctcf

Old-Timey Member
Posted
Posted
it made it past the first hurdle of the bankruptcy process. the 2nd hurdle is the 13th.
Which is now less than a week away. The end is in sight.

 

Is that the very last thing?

BCVM22 Myrtle Beach Pelicans

BCVM22

Verified Member
Posted
Posted
Is that the very last thing?

 

As I understand it, the second bankruptcy hurdle has to clear (no indication at all that it'll be a problem) and then the sale has to close financially.

NCCubFan MVP

NCCubFan

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Is that the very last thing?

 

As I understand it, the second bankruptcy hurdle has to clear (no indication at all that it'll be a problem) and then the sale has to close financially.

According to this cubs.com article the second bankruptcy proceeding should take place early this week and only last 24 hours. The deal is expected to be finalized by the end of this month.
J.R. ACL Cubs

J.R.

Verified Member
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Posted

http://news.yahoo.com/s/ap/20091012/ap_on_sp_ot/us_cubs_bankruptcy

 

WILMINGTON, Del. – The Chicago Cubs are seeking Chapter 11 protection, a step that will allow its corporate parent to hand the team to new owners.

 

The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts.

rocket Iowa Cubs

rocket

Old-Timey Member
Posted
Posted
Great news...Cubs declare bankruptcy which means they can shed all assets that create burden and debt. C-ya later Miles and Bradely.

 

That's not how bankruptcy works.

 

i can't believe i'm going to give hccf the benefit of the doubt, but i think he was being sarcastic.

treebird All-Star

treebird

Old-Timey Member
Posted
Posted
Great news...Cubs declare bankruptcy which means they can shed all assets that create burden and debt. C-ya later Miles and Bradely.

 

That's not how bankruptcy works.

 

i can't believe i'm going to give hccf the benefit of the doubt, but i think he was being sarcastic.

 

he doesn't even know anymore

Outshined_One Cooperstown

Outshined_One

Community Moderator
Posted
Posted
Great news...Cubs declare bankruptcy which means they can shed all assets that create burden and debt. C-ya later Miles and Bradely.

 

That's not how bankruptcy works.

 

i can't believe i'm going to give hccf the benefit of the doubt, but i think he was being sarcastic.

 

he doesn't even know anymore

 

Yeah, at this point it's just about making random guesses when it comes to him.

 

Frankly, I'm beginning to wonder whether hccf is a performance artist who's been putting one over on all of us.

Gmoney08 Draft Eligible

Gmoney08

Verified Member
Posted
Posted
Great news...Cubs declare bankruptcy which means they can shed all assets that create burden and debt. C-ya later Miles and Bradely.

 

That's not how bankruptcy works.

 

Unfortunately...........

J.R. ACL Cubs

J.R.

Verified Member
Posted
Posted

More on the BK filing.

 

The swift action is a novel use of the bankruptcy code, according to legal experts.

 

"The parties who structured the sale of the Cubs and obtained the court's approval of the sale process showed a great deal of imagination and creativity in the proposal they presented to the court," John Schanne and David Stratton, bankruptcy lawyers at Pepper Hamilton, wrote in a recent client memo.

 

The Cubs transaction is being handled under Section 363 of the federal bankruptcy code, a tactic once used to shed failing plants or unused equipment. Today, Section 363 can apply to companies of any size, lawyers say. Just look at the recent restructurings of automakers General Motors and Chrysler.

 

A Section 363 sale usually takes 30 to 45 days to receive court approval. Tribune Co., however, faced strict deadlines to close the deal with the Ricketts family or risk paying breakup fees.

 

The Cubs' expedited process was set in motion long before the team filed for bankruptcy.

Banedon GOAT

Banedon

Community Moderator
Posted
Posted
Great news...Cubs declare bankruptcy which means they can shed all assets that create burden and debt. C-ya later Miles and Bradely.

 

That's not how bankruptcy works.

 

Even if they could, they wouldn't want to do that. What players would want to come to the Cubs after they pulled something like that?

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