Friday, April 04, 2014

Own a share of the Cubs to finance stadium renovations...

Postcard of Wrigley Field via Chicago Argus
I damn near fell out of my chair finding out that the Ricketts family who currently owns the Chicago Cubs are exploring selling shares of this historic franchise in order to fund some renovations to the "Friendly Confines" of Wrigley Field. The renovations have been talked about since the Ricketts purchased the Cubs and are part of the public debate here in Chicago.

Yup, major league baseball owners in my fair city have to go through the Chicago City Council and Mayor Rahm Emanuel. Especially if at one point during this process the Ricketts wanted to procure public financing to fund Wrigley renovations

Now, I read Chicago Argus who discusses this further. Granted, Gregory Tejada is solidly a Chicago White Sox fan and hence this will explain some of the dismissive tone you will read in his write-up. At the same time he like a lot of baseball fans have an opinion about this development.

It would be cool to own a share of the team. In fact years ago I'd have been keen on owning a piece of the World Wrestling Federation. However even in those instances it would be a share and not necessarily a controlling interest in such a business. Plus the different between the Cubs and the now WWE is that one of them is publicly traded. No major sports franchise in this country has shares available for purchase on the NASDAQ or NYSE for example.

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