Although it "may not have a direct impact on Cubs baseball spending anytime soon," the team has "raised close to half the cost of Wrigley Field renovations through selling limited ownership shares to six investors in recent months -- which could ultimately lead to stadium revenues providing a slight boost to payroll sooner," according to Gordon Wittenmyer of the CHICAGO SUN-TIMES. Cubs Chair Tom Ricketts: "It was a really successful process. We brought in some really great investors. They’re really going to help us fix the ballpark and get the team moving forward." The Ricketts family "won’t say how much was raised to apply toward" the $375M renovation project. But sources said that the total is in the $175M range, "making the average individual investment" $25-30M, which "more than offsets" the potential $150M contribution from the city that was rescinded by Mayor Rahm Emanuel in '12. The Ricketts family is "keeping the option open of offering partnerships in the future for other possible reasons." But family spokesperson Dennis Culloton said, “This closes the limited partner phase right now" (CHICAGO SUN-TIMES, 2/26).
WE'LL DO IT LIVE! In Chicago, Mark Gonzales writes there was a "rare vibe" during yesterday's first full-squad Spring Training workout in Mesa, Ariz. Ricketts said, "We all believe this year's team has what it takes to win the division and go to the playoffs." He added that the Cubs "wouldn't suffer a major financial hit because of the delay of the opening of the left field bleachers until May 11" and that he does not believe the franchise "could be victimized by a 'cable bubble' when it attempts to land a lucrative local television contract when current pacts expire" after '19. Ricketts: "I think the value of live sports programming continues to grow." Cubs President of Business Operations Crane Kenney and President of Baseball Operations Theo Epstein also "addressed the players" along with Ricketts in the theater at their training facility (CHICAGO TRIBUNE, 2/26).
