Tom Ricketts met with the media Wednesday after addressing the team. And the Cubs Chairman confirmed the Ricketts family sold minority ownership in the Cubs to six investors.
Comcast SportsNet reported the Ricketts family completed deals last week with six investors that included South Bends Cubs owner Andrew Berlin, for non-controlling interest in the Chicago Cubs. The other five investors are unknown but were reportedly individuals or families with Chicago ties and not a major corporation or media partner.
Tom Ricketts called the process “really successful” and indicated the team “brought in some really great investors.” The money raised by the family selling the minority ownership in the team will go towards the $375 million Wrigley Field Restoration and Expansion Project.
According to the Sun-Times, the Ricketts family raised around $175 million, which would make “the average individual investment $25-30 million.” The Sun-Times explained the $175 million “more than offsets the potential $150 million contribution from the city that was rescinded by Mayor Rahm Emanuel in 2012.”
Neither Tom Ricketts nor the team will say how much was raised or release the identities of the other five investors. The Sun-Times confirmed the Comcast SportsNet report that Warren Buffett is not one of the investors.
The Sun-Times also verified the six investors will be part of a team advisory board or committee. The six investors “have no direct influence over business or baseball operations.” The advisory board will have “general access to board members and business executives, along with seating preferences.”
Dennis Culloton, the Ricketts family spokesman, told the Sun-Times “this closes the limited partner phase right now” but the family “is keeping the option open to offering partnerships in the future for other possible reasons.”
Updated 8:54am CST, Feb. 26 – According to the Tribune, the Ricketts family is considering a “second round” of selling minority ownership shares of the team. The investments would be smaller, in the $5 million range, and not the $25-30 million made by the six investors.
- Full Report from the Sun-Times
- Full Report from the Tribune
- Report: Cubs Sell Minority Ownership Shares to Six Investors