According to a report from the Tribune, the rooftop owners would like their current contract extended nine years for allowing the team to sell advertising on their buildings.
The Cubs current 20-year contract with the rooftop owners expires at the end of 2023.
The rooftop owners proposed a deal last week that would allow the Cubs to put digital signage on their rooftops so their views would not be obstructed. The rooftop owners would not profit from the signage and under their proposal, the revenue would be split by the Cubs and the city … potentially $10 – $20 million a year.
Under the current contract, the rooftop owners pay the Cubs 17 percent of their revenue but the rooftop owners would like their contracts extended for nine years that would guarantee unobstructed views of the ballpark from their buildings in exchange for advertising on their rooftops.
According to the Tribune, “the dispute threatens to hold up a deal the team is negotiating with Mayor Rahm Emanuel’s administration to modernize the Friendly Confines without tax dollars.”
The Ricketts family is willing to pay the $300 million it would take to restore Wrigley but they are asking the city to amend ordinances that regulate them from operating their business. The Cubs would like to increase the number of night games and ad signage to the ballpark to help pay for the restoration project.
The Tribune was unable to reach a team official for a comment on the contract extension the rooftop owners are seeking.
Stay Tuned …