State Wants To Acquire Wrigley To Assure Cubs Will Remain There

IFA Acquisition Of Wrigley Would Not Involve Tax Dollars Because Agency Issues Own Bonds

Illinois Finance Authority (IFA) Chair William Brandt Thursday in an appearance before the Illinois Legislative Audit Commission said that the IFA "remains open" to a deal to acquire Wrigley Field from Tribune Co., because it would ensure that the Cubs would play at the ballpark, "one of the state's top tourist destinations, no matter who owns the team," according to Ameet Sachdev of the CHICAGO TRIBUNE. Brandt during the regularly-scheduled appearance said, "This idea would not cost the taxpayers of Illinois a dime. The Cubs would be locked up at Wrigley Field for 30 years." Brandt indicated that the charges against Illinois Gov. Rod Blagojevich should not "taint further discussions" on a Wrigley deal, and that a "bigger threat to a potential state deal" is Tribune Co.'s filing for Chapter 11 bankruptcy protection on Monday. Brandt asked Tribune to "guarantee bonds that would be used to finance the acquisition of the stadium," and with the company in bankruptcy, "such an assurance would be suspect." Brandt estimated that the "bond issue could be as high" as $275M, but noted that Tribune Co. has not yet submitted a proposal (CHICAGO TRIBUNE, 12/12). Brandt indicated that the IFA also asked Tribune Co. for "limits on ticket price increases and an agreement on who would own the park once the bonds were paid off in perhaps 30 years." Brandt suggested that a government agency, "perhaps the Chicago Park District, could be the right owner." In Chicago, David Roeder notes an IFA deal "does not involve tax dollars because the agency issues its own bonds," which would "be paid with rent from the Cubs" (CHICAGO SUN-TIMES, 12/12).