January 21, 2008
Cubs execs: Take our park, please
Chicago Cubs execs revealed yesterday that the sale of the team isn't expected to be completed until late this year, and blamed the proposed sale of Wrigley Field to the state of Illinois as one main reason. Team chairman Crane Kenney told participants at this weekend's Cubs Convention:
"We worry about a new owner coming in and deciding, 'Do you go the way of the Yankees and destroy [the ballpark] and rebuild somewhere else?' or 'Do you go the way of Fenway and rehabilitate it?' " Kenney said.
"We'd like to bind the new owner to play at Clark and Addison for the foreseeable future."
Isn't that sweet? The current Cubs owners are looking out for their fans, and for the future of their historic ballpark, by settling Wrigley's fate before selling off the team.
Except, of course, that there's nothing stopping the current Cubs (and Chicago Tribune) owner Sam Zell from signing a long-term lease binding the Cubs to Wrigley right now. (It'd be a bit tricky given that Zell presently owns both the team and the park, but he could always make it a requirement of the team sale.) That, though, would likely reduce the sale price he could get for the team, since the new owner would be locked into Wrigley with no way to extract public subsidies in the future.
Kenney's comments, then, are probably best understood not as a promise but a threat: Take our deal for a state-owned Wrigley, or else face the possibility of the Cubs going elsewhere. If the state takes the bait, the team would be guaranteed tens of millions of dollars in low-cost bond benefits and tax savings, all of which would boost the team's possible sale price. With that in mind, little wonder Cubs management wants to secure the stadium sale before selling off the team.
In fact, those tens of millions in subsidies could easily turn into hundreds of millions, if one comment dropped by Kenney comes true. Asked about who would pay for a Fenway Park-style restoration of Wrigley field, Kenney replied, "The Tribune will contribute a portion, as will the public through taxes generated within the building." If this means the Cubs are really looking to have stadium sales and income taxes diverted to help pay for stadium upgrades - a STIF, in other words - it could be Katy, bar the door. Stay tuned.
