According to reports from the Sports Business Journal and Crain’s Chicago Business, the Ricketts family is close to selling a 20 percent, non-controlling, stake in the Chicago Cubs “said to be valued at around $300 million.” The sale of the minority share is expected to be finalized soon.
The Sports Business Journal reported Tuesday the Chicago Cubs are worth $2 billion, more than double what the Ricketts family paid for the franchise in 2009.
Dennis Culloton confirmed to Danny Ecker that Galatioto Sports Partners, a New York based firm, is managing the sale of the share. The Ricketts family used the same company when they purchased the team.
The report from Crain’s Chicago Business explained why the franchise’s value has increased and it “is based mainly on the recent explosion of broadcasting rights fees in sports, specifically Major League Baseball” according to Marc Ganis.
Ecker also explained selling minority shares “in a franchise is not typically how teams have funded stadium renovations and new construction over the past two decades. Most have been supported by public financing.” Selling the 20 percent stake “might ease the weight of the significant debt the Ricketts family took on in its highly leverage purchase of the franchise.”
Joe Maddon, Rick Renteria and the Cubs Coaching Staff
The Cubs front office, Rick Renteria and Joe Maddon did not address the situation Tuesday, but the report from the Sun-Times indicated the Cubs are in talks with Joe Maddon. Theo Epstein and Jed Hoyer should break their silence Thursday with The World Series ending Wednesday night.
Multiple reports from the Minnesota Twins beat writers indicated Joe Maddon was not a candidate for the Twins job and did not reach out to Maddon. The Twins appear to be deciding between Paul Molitor and Torey Lovullo, the Red Sox bench coach that Boston would not let talk to the Cubs last year. The Cubs waited to formally interview Lovullo, was not granted permission before the Red Sox extended his contract and the Cubs hired Rick Renteria.
If Joe Maddon is hired and replaces Rick Renteria in the dugout, what will happen to the coaching staff? Joel Sherman asked the question Tuesday and appeared to answer it in the same report.
Chris Bosio is under contract. The front office would not break up the pitching infrastructure of Bosio, Lester Strode and Mike Borzello. All three coaches were with the Cubs prior to Renteria and have provided excellent results.
John Mallee was a favorite of the Theo Epstein and Jed Hoyer before he was officially hired to replace Bill Mueller as the Cubs hitting coach. And Epstein called Eric Hinske last year and offered him a job. With the hitting coaches connected to the front office, there will not be a change. Doug Dascenzo, the Cubs new first base coach, has a history with Jed Hoyer and Jason McLeod dating back to the days together in San Diego.
Again if Maddon is hired, Brandon Hyde could move out of the dugout and back to the front office. That would give Maddon an opportunity to bring in his own bench coach. Gary Jones, the Cubs third base coach, is expected to return but like Jose Castro, the recently departed Quality Assurance Coach, Renteria brought in Jones last year after he was hired.
News, Notes and Rumors
Ivan Pineyro left Tuesday’s start in the Arizona Fall League in the first inning with an apparent arm injury according to reports from the park. The Cubs have not addressed why Pineyro left the game early.
According to a report from the New York Daily News, despite reports that suggested otherwise during the season, the Cubs and Mets do not match up in the trade department. Andy Martino reported that both teams do not see a fit. The Cubs value the shortstops more than the Mets and the second New York team values its young pitching more than the Cubs.
The Oscar Tavares tragedy evoked memories of Ken Hubbs according to a report from CBS Chicago.
Around Major League Baseball
Well, there will be a Game Seven in The World Series this year.
Yordano Ventura threw seven innings of scoreless ball Tuesday night and the Royals rode a seven-run second inning to a 10-0 blowout victory over the Giants. The Series is tied at three games apiece.
A World Series Champion will be crowned Wednesday night in Kansas City.
This Day In Cubstory
2012 – Cubs granted free agency to Alfredo Amezaga, Shawn Camp and Justin Germano
2008 – The Brewers claimed Casey McGehee off waivers from the Cubs
2007 – Cubs granted free agency to Cory Bailey, Mike Mahoney, John Nelson, Ryan O’Malley, John Webb, Ben Howard and Kerry Wood
2004 – Cubs signed free agent Rene Reyes
2004 – Cubs granted free agency to Paul Bako, Nomar Garciaparra, Ben Grieve and Tom Goodwin
2003 – Cubs granted free agency to Mark Grudzielanek and Tony Womack
2001 – Cubs signed free agent Ben Ford
1996 – Cubs granted free agency to Dave Magadan
1991 – Arismendy Alcantara, born
1990 – The Hanshin Tigers purchased Marvell Wynne from the Cubs
1949 – Cubs signed amateur free agent Jim Fanning
1929 – Cubs selected Les Ball off waivers from the Boston Braves