The Tribune has uncovered the identities of four of the six investors in the Chicago Cubs, with help from the team’s media guide.
According to the Tribune, four of the six investors are Andrew Berlin, William Comrie, the DeVos family and Cory Thabit. The fifth investor is listed as “O.C., L.L.C.” and the sixth partner is not listed in the media guide.
Tom Ricketts confirmed last week the family had sold minority ownership shares in the Cubs to six investors. It was reported at the time the amount of the investments as well as the identities of those six investors would not be announced.
The Cubs have not formally released the identities of the six limited partners or disclosed the amount of each investment.
It was reported that all six of the investors in the team were believed to have Chicago ties, but according to a report from the Tribune, that is not the case. Of what is known about the six investors at this time, Andrew Berlin is the only Chicagoan. And Warren Buffett is reportedly not one of the team’s six new limited partners.
The Tribune provided background information on four of the six investors.
Andrew Berlin is the chief executive of a Chicago-based packing company and owner of the South Bend Cubs. William Comrie is retired and lives in California. Comrie and his brothers “founded The Brick, a Canadian retailer of furniture, mattresses, appliances and home electronics.” Dan DeVos and his family own Amway and the Orlando Magic of the National Basketball Association. Cory Thabit “is the managing director of IMT Capital, a private real estate investment firm based in Los Angeles.” Little is known about the fifth investor, O.C., L.L.C, at this time according to the Tribune.
The Sun-Times reported the Ricketts family generated $175 million with the sale of the minority shares of the team that will be put toward the $375 million project to renovate and expand Wrigley Field.
If the Sun-Times’ numbers are correct, that 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Sun-Times explained the $175 million “more than offsets the potential $150 million contribution from the city that was rescinded by Mayor Rahm Emanuel in 2012.”
The six investors bought into The Ricketts Family LLC and will reportedly be part of a team advisory board or committee. The six investors will 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 the limited partner phase was closed for now but the family was keeping the option open to offering partnerships in the future for other possible reasons. 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 Tribune
- Chicago Cubs Reportedly Valued at $1.8 Billion (Feb. 28)
- Tom Ricketts Confirms Sale of Minority Ownership Shares, Cubs Reportedly Raise Around $175 Million (Feb. 25)