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post #1 of 19 (permalink) Old 01-27-2009, 04:25 PM Thread Starter
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New Owner For The Cubs

I am not starting anything. I would just like to know what the Cub fans think.

I found this article interesting.

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Cubs buyer won't swing for fences
By: Mike Colias and Ann Saphir January 26, 2009

Don't expect an early-inning spending spree from Thomas Ricketts if the bond salesman becomes the owner of the Chicago Cubs by opening day.

Mr. Ricketts and his family plan to borrow up to half the $900 million they have offered for the ball club in a deal that would set a record for a Major League franchise.

Even if he finds willing lenders in the coming weeks amid tight credit markets, annual debt payments could soak up much of the team's cash flow ó limiting his ability to invest significantly in the team or its ballpark.

The amount Mr. Ricketts would be able to spend on Wrigley Field renovations or star players seems to depend on how much more of their own money he and his family are willing to sink into his baseball fantasy. Mr. Ricketts is likely to search for new revenue streams, but that will take time.

"They'll have to find ways to grow revenue," says J. C. Bradbury, a sports economist at Kennesaw State University in Georgia. "They'll probably be borrowing from themselves for a while."

The Ricketts family expects to turn a small profit or break even while maintaining or boosting payroll, according to a person involved in the deal.

Tribune Co. last week selected the family ó a billionaire Omaha clan that founded discount brokerage TD Ameritrade ó over two other bidders. The family likely will spend the next several weeks working to line up loans before Tribune submits the proposal to Major League Baseball owners for approval. The media company insisted on a debt-heavy deal for tax reasons: The more debt used to finance the transaction, the less Tribune would have to pay in capital-gains tax.

DEEP INTO DEBT

Mr. Ricketts could finance as much as half the deal ó $450 million ó with borrowed money, according to a person familiar with the offer. That would saddle him with up to $45 million in annual debt payments, far more than the $31 million in cash flow the team generated in 2007. And costs have climbed since then: The team's payroll rose 20% last year to $130 million.

Another possible source of cash is the 25% stake in regional cable channel Comcast SportsNet, which was included in the deal. The channel, which televises Cubs games and other local sports, doesn't disclose how much cash it generates for its owners.

Mr. Ricketts hasn't spoken publicly about the deal since Thursday night, when he said that he and his family "share the goal of Cubs fans everywhere to win a World Series and build the consistent championship tradition that the fans deserve."

A family spokesman says, "It would be inappropriate and inaccurate to speculate while negotiations are ongoing for the purchase of the Cubs."

But the 43-year-old CEO of Chicago-based Incapital LLC seems aware of the financial realities: The avid Cubs fan is in no rush to undertake a big Wrigley renovation, according to a person familiar with Mr. Ricketts' thinking. He is sensitive to the 95-year-old ballpark's historic character and favors setting aside money over many years for a major renovation at least five years out, the source says.

Waiting on a renovation that could include lucrative corporate suites would leave Mr. Ricketts groping for new sources of revenue just as the recession makes it harder to raise ticket prices or sign new advertising or corporate sponsorships.

Relying on the family's wealth also could pose challenges given the flagging stock market, which has eroded the value of their TD Ameritrade stock holdings from $2.4 billion last summer to $1.5 billion.

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I will sock ya square in your snot locker if you EVER use the term "Bron Bron" in my presence - BAHLEEDAT
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post #2 of 19 (permalink) Old 01-27-2009, 04:26 PM
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Wont change the fact they will be a losing team for another 100 years

go time traveler style and go back in time, fuck his grandma, then shoot forward in time and then fuck his mom. Then return back to present state and call him a the product of two incest whores and hes your son and show video of you plowing the both members of his family. .
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post #3 of 19 (permalink) Old 01-27-2009, 04:36 PM
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This is the year!





No really, this is it, right?
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post #4 of 19 (permalink) Old 01-27-2009, 07:07 PM
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Originally Posted by bhauditech View Post
This is the year!





No really, this is it, right?


Yes it is.

-Jim
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post #5 of 19 (permalink) Old 01-27-2009, 07:21 PM
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It's an interesting angle, but $31 mil in revenue? There's no way in hell they only made 31 million.

They sold 3.3 million seats last year. Even at as little as $35 a seat it's over 267,000,000.

Right?

Plus merchandising, tours, beer and food sales, etc.

Not sure who the article writers are, but they're can't be completely right.
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post #6 of 19 (permalink) Old 01-27-2009, 07:29 PM
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Quote:
Originally Posted by Dirtbiker View Post
It's an interesting angle, but $31 mil in revenue? There's no way in hell they only made 31 million.

They sold 3.3 million seats last year. Even at as little as $35 a seat it's over 267,000,000.

Right?

Plus merchandising, tours, beer and food sales, etc.

Not sure who the article writers are, but they're can't be completely right.
$31 million in cash flow, not revenue.

I assume that means profit.

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post #7 of 19 (permalink) Old 01-27-2009, 07:30 PM
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Quote:
Originally Posted by Dirtbiker View Post
It's an interesting angle, but $31 mil in revenue? There's no way in hell they only made 31 million.

They sold 3.3 million seats last year. Even at as little as $35 a seat it's over 267,000,000.

Right?

Plus merchandising, tours, beer and food sales, etc.

Not sure who the article writers are, but they're can't be completely right.
$267,000,000
-$118,595,833 in payroll
-35% in taxes
-flights/bats/balls/team supplies
-staff payroll (trainers/coaches/janitors/concession staff/etc)

maybe $300,000,000+ in revenue, but $31mil profit sounds reasonable. That's the owner taking in $31mil a year, that's an astronomical amount of money to pocket.

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post #8 of 19 (permalink) Old 01-27-2009, 07:31 PM
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on another note; I'm upset it's not Mark Cuban, that might've gotten me to jump ship.

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post #9 of 19 (permalink) Old 01-27-2009, 07:34 PM
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Quote:
Originally Posted by Ninja 13 View Post
$267,000,000
-$118,595,833 in payroll
-35% in taxes
-flights/bats/balls/team supplies
-staff payroll (trainers/coaches/janitors/concession staff/etc)

maybe $300,000,000+ in revenue, but $31mil profit sounds reasonable. That's the owner taking in $31mil a year, that's an astronomical amount of money to pocket.
Not really.

He's making a $900 million investment into the team. $31 million is what, about 3%?

That's not a very good return, especially when you're financing half the purchase amount.

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post #10 of 19 (permalink) Old 01-27-2009, 07:37 PM
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I say the article can suck it due to misleading figures. The term 'cash flow' has absolutely no meaning. The Cubs will win the next half dozen world series.









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post #11 of 19 (permalink) Old 01-27-2009, 07:41 PM
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Quote:
Originally Posted by Noodles View Post
Not really.

He's making a $900 million investment into the team. $31 million is what, about 3%?

That's not a very good return, especially when you're financing half the purchase amount.
I'm not saying it was a good investment, but if you're taking home $31 mil a year you're living a pretty good life. But there's a lot more in that package than just the Cubs. When he owns Wrigley gets paid when it's used for events, owning 25% of Comcast Sports Net. If it was just the team it would be lousy. But the extras probably (assuming as much as he did go through with it) make it worthwhile. Just the franchise itself is probably making up half the return at best.

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post #12 of 19 (permalink) Old 01-27-2009, 07:50 PM
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Let's just hope he isn't as cheap as the McCaskeys or Reinsdorf (the Bulls at least)... From the second part of the article it sounds like he's going to nickle and dime the hell out of the fans (maybe that's just me reading too much into it).


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post #13 of 19 (permalink) Old 01-27-2009, 08:30 PM Thread Starter
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Originally Posted by ravenr1 View Post
Let's just hope he isn't as cheap as the McCaskeys or Reinsdorf (the Bulls at least)... From the second part of the article it sounds like he's going to nickle and dime the hell out of the fans (maybe that's just me reading too much into it).
That is what I saw.

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post #14 of 19 (permalink) Old 01-27-2009, 09:22 PM
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ANYBODY BUT Mark Cuban...That's the way I feel about it...besides, the other owners in MLB would never have approved Cuban.
The main thing is that the team AND the ballpark are going together to one owner. All of the business aspects won't change the team dynamic for at least the 2009 season, and there is a potential winner there. Beyond that, who knows? Does anyone have any type of accurate picture of what's going to happen in 2010? I mean, let's be realistic. If the new owner can get the deal done and the Cubs have a reasonably successful year, the money aspect could work itself out and put the Cubs in a position to be profitable AND successful for many years to come. The one thing about the Cubs and Wrigley field (the ballpark IS a draw for its history alone) ...they draw well no matter what the team is doing, and that's why so many candidates were in the running for buying the team, even in a down economy!

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post #15 of 19 (permalink) Old 01-27-2009, 09:38 PM
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God damn I miss baseball.


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post #16 of 19 (permalink) Old 01-27-2009, 09:40 PM
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God damn I miss baseball.

Me too. I'm sick of winter. I bought a new bike sunday, and I don't even know how to start it yet.
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post #17 of 19 (permalink) Old 01-27-2009, 10:57 PM
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God damn I miss baseball.

thats one thing sox and cubs fans have in common





(To bad the cubs still suck no matter who buys the team)

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post #18 of 19 (permalink) Old 01-28-2009, 12:27 AM
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i wonder how the down turn in the economy will effect the amount of money that they will take in. since i lost my job i am not going to be purchasing any cubs tickets this season. i am sure that i cant be the only one.

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post #19 of 19 (permalink) Old 01-28-2009, 09:51 AM
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There will be no drop in season ticket holders.The waiting list is so long that even if half the people on it dropped out due to the economy, there would be plenty of takers. The word is all of the boxes are spoken for. If the team breaks out with some early season excitement, attendence should be strong.
The NFL and NHL are drawing good crowds (NBA? I don't know or care...not my game)...Have you tried to get Blackhawks tickets lately? AND...Baseball is still the cheapest ticket in sports! Combine that with corporate ticket sales and TV, concession and merchandise revenue, and the Cubs financial situation should be solid.

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