Saturday, July 19, 2008

Is this good news for the Brewers?

The process of selling the Chicago Cubs is officially underway. The buzz is that the MLB franchise is worth a BILLION American dollars and the new owners will probably have to pump several HUNDRED MILLION more into ‘updating’ Wrigley Field.

Sporting News: Dallas Mavericks owner Mark Cuban was among at least seven bidders who submitted proposals to purchase the Chicago Cubs, according to the Chicago Tribune. The deadline to submit bids for the iconic sports franchise was Friday.

Wall Street Journal: The size of the bids couldn't be learned, but given the team's history and the emotional attachment of fans, the bidding is expected to reach around $1 billion for the team, Wrigley Field and a 25% interest in a regional sports cable-television network.

The buyer will have to produce much of the sale price in cash. Major League Baseball allows buyers to finance only roughly 10 times earnings -- in this case, about $340 million. Renovations to 94-year-old Wrigley Field, which lacks the amenities of most modern ballparks, could run from $200 million to $400 million for the team's new owner.

So the question is will these off field activities interfere with the club house mentality? The Cubbies have a 100 year old tradition of finding ways to blow a season and any distraction, real or imaginary, that the Billy Goat finds handy to attach the voodoo to might do.

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