The Sun-Times of Chicago is reporting that Chicago Cubs’ owners the Ricketts family is mulling a decision to open up the team to minority shareholders — in order to pay for Wrigley Field renovations.
If approved, the Cubs “would offer the shares to a team that continues to hold a lot of value — $1.2 billion, according to Forbes — and the promise of winning ways in the future…” according to the Sun-Times.
If the deal goes through, the Cubs would be seeking a small number of high net-worth shareholders. The shares would come out of the Ricketts’ 95-percent ownership of the Cubs.
But shareholders would not be offered a vote at the table. “There would be no change in control,” the source said.
“The Ricketts family is looking at a number of financial options to be prepared to finance expanding and preserving Wrigley in the event that there is a project to move forward with,” Ricketts family spokesman Dennis Culloton told the newspaper, noting that going forward with any financing plan depends on a positive conclusion to ongoing negotiations with rooftop owners concerning expansion plans.
At the same time, the family could just end up financing the renovations with their own funds.
The Wrigley Field renovations are estimated to cost some $300 million.
There has been no report or speculation on many shares the Cubs would sell or at what price, the newspaper reported.
