Source: Cubs Lay Off Some Business Staffers Amid Declining Revenue
The Cubs yesterday "laid off about 60 members of their business department because of declining revenue amid the COVID-19 pandemic," according to a source cited by Mark Gonzales of the CHICAGO TRIBUNE. The source also said that the team is "bracing for limited seating capacity for games at Wrigley Field in 2021 in the event fans are allowed to attend games without a vaccine." Should fans be allowed to return in limited capacity, the Cubs "would prioritize season ticket holders for admission." Wrigley's seating capacity is 41,649, but a "significant reduction would continue to affect revenue" (CHICAGO TRIBUNE, 9/25). ESPN.com's Jesse Rogers cited sources as saying that the Cubs "expect to miss out on about 75% of their revenue" in '20. That "could add up to" a $125-140M loss. Sources said that uncertainty in the next CBA also is "contributing to the overall financial picture of the Cubs." Rogers reported the club is "hopeful to get back to full capacity at Wrigley Field later in the 2021 season, but with no guarantee from medical experts about when there might be a vaccine, the team is preparing for reduced capacity for as long as necessary" (ESPN.com, 9/24).