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

[JonnyRed]

2.5 games out

Aramis is back

Sale finalized.

Could good things be on the horizon?

 

I think so....and it's about time!

[jersey cubs fan]

Wasn't Ricketts hand picked by Selig? There's no way he doesn't get approved. As long as fan boy Ricketts says OK, Hendry sould be able to add some payroll now.

 

I'm guessing you are thinking of John Canning who ended up not being nearly the player that all the Selig conspiracy nuts assumed he would be.

[Post Count Padder]

FINALLY

[NeifiIsMyHomeBoy]

This is great and unexpected news for a Monday. Hopefully Ricketts does not turn out to be a total turd. I am thrilled that the Cubs are no longer being held hostage by Zell.

[Banedon]

It's never REALLY done....

 

The two sides reached a deal over the weekend and forwarded an outline of their transaction -- what is known as a term sheet -- to Major League Baseball for its initial comments, according to sources who declined to be identified because an agreement has not been announced.

 

The two sides still have details to work out that will be included in a definitive agreement, sources said.

 

A Tribune spokesman said, "We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement. We don't intend to comment on the specifics of any potential transaction."

[tinkerstoeverstochance]

From what Ive heard from espn1000, Zell will have 7% stock in the deal when finalized.

 

 

Just want to know if Rickette will let us add a player before the deadline or does MLB have a say in it?

 

 

sorry just got up grey matter not working well......

[Soul]

It's never REALLY done....

 

The two sides reached a deal over the weekend and forwarded an outline of their transaction -- what is known as a term sheet -- to Major League Baseball for its initial comments, according to sources who declined to be identified because an agreement has not been announced.

 

The two sides still have details to work out that will be included in a definitive agreement, sources said.

 

A Tribune spokesman said, "We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement. We don't intend to comment on the specifics of any potential transaction."

Hahah.

 

Ahhhahahah.

 

If it were to be retracted, I would probably scream and laugh at the same time.

[NCCubFan]

Just want to know if Rickette will let us add a player before the deadline or does MLB have a say in it?

I don't think MLB has any say. MLB has no ownership interest in the Cubs. It's up to the Trib and how much input they may be willing to give Ricketts at this time. It's also possible that the bankruptcy court may have some say; I'm not sure about that.

[A-Cal]

Just want to know if Rickette will let us add a player before the deadline or does MLB have a say in it?

I don't think MLB has any say. MLB has no ownership interest in the Cubs. It's up to the Trib and how much input they may be willing to give Ricketts at this time. It's also possible that the bankruptcy court may have some say; I'm not sure about that.

 

i was reading somewhere else that the bankruptcy court is the biggest factor here when it comes to adding payroll, and that it won't be finalized till late august at the earliest...

 

dunno if it is true though

[CubColtPacer]

Bruce Miles on his latest blog weighs in on this:

 

As far as the sale goes, the baseball people tell me the status is quo. In other words, Sam Zell still owns the team and that money will factor into trades as will the price in players that other teams will be asking.

 

The sale itself still has to be finalized between Zell and the Ricketts family. The bankruptcy court will have to sign off. And finally, Major League Baseball will have to give its approval. We’re still a few weeks away from this being done.

 

So it sounds like no large salaries will be added this year.

 

Here's the link to where you can read his blog:

 

http://blogs.dailyherald.com/node/2247

[Keener98]

Bruce Miles on his latest blog weighs in on this:

 

As far as the sale goes, the baseball people tell me the status is quo. In other words, Sam Zell still owns the team and that money will factor into trades as will the price in players that other teams will be asking.

 

The sale itself still has to be finalized between Zell and the Ricketts family. The bankruptcy court will have to sign off. And finally, Major League Baseball will have to give its approval. We’re still a few weeks away from this being done.

 

So it sounds like no large salaries will be added this year.

 

Here's the link to where you can read his blog:

 

http://blogs.dailyherald.com/node/2247

 

The other Bruce seems to have a different take on the situation. This is from Levines blog.

MLB should sign off on this agreement by this weekend. After that, 75 percent of MLB owners must vote yes for the sale to be complete. That should happen some time in August.

 

A source close to the sale told me that the Ricketts family will be able to direct -- in an off-the-record capacity -- chairman Crane Kenney and general manager Jim Hendry in what they would expect for the future as far as trades and acquisitions by the trading deadline. In other words, Ricketts will be able to director Hendry as to whether he can spend more money for the 2009 season.

 

http://espn.go.com/chicago/columns/blog?post=4309203&name=levine

 

 

Levine certainly makes it sound like Ricketts will be making payroll decisions "under the table".

[jersey cubs fan]

Bruce Miles on his latest blog weighs in on this:

 

As far as the sale goes, the baseball people tell me the status is quo. In other words, Sam Zell still owns the team and that money will factor into trades as will the price in players that other teams will be asking.

 

The sale itself still has to be finalized between Zell and the Ricketts family. The bankruptcy court will have to sign off. And finally, Major League Baseball will have to give its approval. We’re still a few weeks away from this being done.

 

So it sounds like no large salaries will be added this year.

 

Here's the link to where you can read his blog:

 

http://blogs.dailyherald.com/node/2247

 

The other Bruce seems to have a different take on the situation. This is from Levines blog.

MLB should sign off on this agreement by this weekend. After that, 75 percent of MLB owners must vote yes for the sale to be complete. That should happen some time in August.

 

A source close to the sale told me that the Ricketts family will be able to direct -- in an off-the-record capacity -- chairman Crane Kenney and general manager Jim Hendry in what they would expect for the future as far as trades and acquisitions by the trading deadline. In other words, Ricketts will be able to director Hendry as to whether he can spend more money for the 2009 season.

 

http://espn.go.com/chicago/columns/blog?post=4309203&name=levine

 

 

Levine certainly makes it sound like Ricketts will be making payroll decisions "under the table".

 

I definitely believe that Ricketts would be able to do that, if he wanted to. The question is whether he would want to. The sale leaves a very convenient excuse, and given the already high payroll, Hendry's spotty record with efficiently utilizing higher payrolls, his expenses in purchasing the team and the economy, I think it's a justifiable excuse. If I just spent $900 million on a team that has the highest payroll in the division and is struggling to stay above .500, I'm not sure I'd want the architect of that team to rush into spending more money.

[Keener98]

Well if thats the case Goony, and Ricketts doesnt trust Hendry with money to make smart moves, shouldnt the 1st thing he does is fire the GM?

[Guest]

Well if thats the case Goony, and Ricketts doesnt trust Hendry with money to make smart moves, shouldnt the 1st thing he does is fire the GM?

He can't until the sale is final, but yes, that's the first thing he should do. And then he should hire Paul DePodesta.

[jersey cubs fan]

Well if thats the case Goony, and Ricketts doesnt trust Hendry with money to make smart moves, shouldnt the 1st thing he does is fire the GM?

 

My opinion, absolutely. But I can see the point in not making that call immediately. It wouldn't hurt to let this season play out, say you are evaluating things and then hire a new GM, or maybe a president who can then hire a GM, in October.

[NCCubFan]

Well if thats the case Goony, and Ricketts doesnt trust Hendry with money to make smart moves, shouldnt the 1st thing he does is fire the GM?

He can't until the sale is final, but yes, that's the first thing he should do. And then he should hire Paul DePodesta.

No, but he could let the Trib know that he's going to make a change, hoping that the Trib will pull the trigger now if they know that's what Ricketts wants.

[Old Style]

The bankruptcy court is not going to hold up the sale. That's $900 million that could be used to pay the Tribune's creditors and that's more than a fair price as far as the Tribune Co is concerned. Approval of the sale is just a formality.

[Soul]

I can't see the court nixing the deal either. Why would they? Part of the function of the court is to to help clear debt, which the sale would most certainly help do.

[Gingerballs Lives]

I don't see this affecting the Cubs this year. I think, outside of a really small move, this is the team we'll be going for the rest of the way.

[Outshined_One]

I can't see the court nixing the deal either. Why would they? Part of the function of the court is to to help clear debt, which the sale would most certainly help do.

 

Bankruptcy courts are notorious for giving huge amounts of leeway to debtors in Chapter 11. Unless there is something incredibly fishy about the deal or the creditors are raising a stink about it, the court's not going to do anything to block the sale.

[jersey cubs fan]

I can't see the court nixing the deal either. Why would they? Part of the function of the court is to to help clear debt, which the sale would most certainly help do.

 

Bankruptcy courts are notorious for giving huge amounts of leeway to debtors in Chapter 11. Unless there is something incredibly fishy about the deal or the creditors are raising a stink about it, the court's not going to do anything to block the sale.

 

Neither is MLB or the owners. In an environment when sellings large assets is really difficult, these guys would be idiots to pull that off. If there really is an agreement in place, Ricketts effectively has control, and if he wants, can instruct Hendry to make moves. But I'd bet he doesn't really want to do that. His first big splash will be this fall, and the 2010 season will be the first "signature season" under his ownership.

[CUBZ99]

I can't see the court nixing the deal either. Why would they? Part of the function of the court is to to help clear debt, which the sale would most certainly help do.

 

Bankruptcy courts are notorious for giving huge amounts of leeway to debtors in Chapter 11. Unless there is something incredibly fishy about the deal or the creditors are raising a stink about it, the court's not going to do anything to block the sale.

 

Neither is MLB or the owners. In an environment when sellings large assets is really difficult, these guys would be idiots to pull that off. If there really is an agreement in place, Ricketts effectively has control, and if he wants, can instruct Hendry to make moves. But I'd bet he doesn't really want to do that. His first big splash will be this fall, and the 2010 season will be the first "signature season" under his ownership.

 

Or maybe this year is ripe for making Ricketts look like a hero by acquiring a Peavy type pitcher.

[gflore34]

2.5 games out

Aramis is back

Sale finalized.

Could good things be on the horizon?

 

I think so....and it's about time!

 

Here's to the Cardinals and Brewers regretting they didn't put the Cubs away when they had the chance.

[Tryptamine]

http://www.mlbtraderumors.com/2009/07/cubs-sale-finalized.html

 

Yup this team is never getting sold. Zell continues to screw over any kind of chance the Cubs have at making a move.

[Post Count Padder]

TUESDAY, 1:06pm: ChicagoBusiness.com passes on a Reuters report informing us that the Tribune has not reached a final agreement with the Ricketts family or Marc Utay, who submitted a rival bid for the team.