Report: Cubs consider selling minority shares to help pay for Wrigley renovations
The Chicago Cubs are exploring selling minority shares in the team to help pay for renovations to Wrigley Field, Comcast SportsNet Chicago's Pat Mooney reported on Thursday.
Cubs spokesman Julian Green later confirmed to ESPN.com reports saying the option was on the table for the Ricketts family, which bought the Cubs for $845 million almost five years ago. According to Forbes, the Cubs are now valued at $1.2 billion — which, according to CSN Chicago's Mooney, is the number off which the Ricketts family will work if they do decide to sell minority shares.
The Ricketts family owns 95 percent of the Cubs. The Tribune Co., which sold the team to the family, owns the rest of the shares. The proposed renovation of Wrigley Field and the redevelopment around the area is expected to cost around $500 million, according to ESPN.com.
The start of the renovations has been held up due to a dispute between the Cubs and area rooftop owners. The owners of the rooftop buildings give 17 percent of their gross revenues to the Cubs as part of a contract, but they are not happy that some of the proposed renovations could block some views into Wrigley Field. According to The Chicago Tribune, the rooftop dispute will likely have to be resolved before the family decides whether to sell shares. CHIPPER JONES: On the state of the Braves, and retirement >