SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
The motivation behind Zell’s moves

Monday, Mar 31, 2008

* The New York Times had this unsurprising quote about Tribune owner Sam Zell yesterday…

“He actually dislikes baseball,” Jerry Reinsdorf, the owner of Chicago’s crosstown White Sox, said matter-of-factly. “He never would have bought the Cubs if they didn’t come with the Tribune. It’s just another asset to him.”

Reinsdorf’s claim was essentially confirmed by team chairman Crane Kenney.

* This brings us to the uproar over the sale of the Cubs, Wrigley Field and the park’s naming rights. Crain’s has the story behind the story…

[The Tribune Co.] has about $12 billion in debt, most of it the result of Mr. Zell’s leveraged buyout in December. A first payment of $650 million comes due Dec. 4.

* Selling the team, the park and the naming rights would more than cover that first payment. And that was the initial plan. Zell doesn’t care about baseball. The team is just another asset to be dumped. But the stadium deal is taking longer than expected, to say the least. So Zell - who is facing a depressed advertising market - is now looking to sell other assets to cover his nut.

But that doesn’t take the heat off the Wrigley deal.,,

Tribune will quickly face another deadline: July 2009, when a $750-million principal payment comes due. That’s on top of an estimated $1 billion in yearly interest payments.

Zell is sitting on top of a shakey house of cards, so expect the pressure to intensify on the proposed state buyout of Wrigley Field, regardless of any interim asset sales.

* More…

* Cubs play hardball with rooftop owner

* Wrigley Field looking at changes as Cubs start season

* There was an old ballpark in Chicago . . .

- Posted by Rich Miller        


7 Comments
  1. - Ghost - Monday, Mar 31, 08 @ 10:17 am:

    Iltimatly if Zell changes the name of the Stadium, people will grumble, Zell will deposit the money in the bank, and life will go on. Real cub fans should be fighting for Zell to complete his sale and get out of the picture.

    The State is facing a fiscal nightmare and should dodge away from purchasing wrigley like the Gov confronting a question on his dealinga with Rezko and Levine.


  2. - jerry 101 - Monday, Mar 31, 08 @ 10:35 am:

    so, when does the cubs fire sale begin? just another asset to be sold. why pay all those huge salaries. might as well go with KC salaries. That’d save about $100 million.


  3. - wordslinger - Monday, Mar 31, 08 @ 10:40 am:

    The way Zell structured the deal, he can either make a lot of money, or he can make a whole lot of money. The only ones who can lose are Trib. Corp. employees. Amazing.


  4. - The Doc - Monday, Mar 31, 08 @ 10:46 am:

    As usual, the mainstream media focus is on the general public’s adverse reaction to naming rights. It’s going to happen, one way or another, whether it’s under Zell’s watch or the subsequent owner. What we should be most concerned about is the potential state purchase and the accompanying sales-tax freeze.


  5. - Boone Logan Square - Monday, Mar 31, 08 @ 11:25 am:

    Given the money owed to Soriano, Lee, Ramirez, and Zambrano, it is possible we might see a fire sale along the lines of what the Marlins did in 1998 (when Wayne Huizenga forced Dave Dombrowski to unload most of the World Series team quickly). A question for Cubs fans is will Jim Hendry be able to get good talent in return? It’s possible the Cubs will have to throw in prospects in order to get teams to take these large contracts.


  6. - Levois - Monday, Mar 31, 08 @ 11:57 am:

    Why doesn’t the cranky old man just sell to the highest bidder, instead of selling to the state.


  7. - David Starrett - Monday, Mar 31, 08 @ 2:48 pm:

    Looks like we may see Jeff Samardija starting sooner than expected.


Sorry, comments for this post are now closed.


* Question of the day
* Rasmussen: Quinn up by 2
* Stop the partisanship on both sides, please
* Quotables
* *** UPDATED x1 *** Durbin vs. Oberweis react
* More new TV ads
* Get ready for "Bloodtober"
* DCCC defies DC expectations, runs ad attacking Davis
* Today's assignment
* Rate Quinn's new ad: "Washington"
* SUBSCRIBERS ONLY - Supplement to today’s edition: Crosstabs and TV ads
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* Good morning!
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

          
        * Doublie Spices Up Your Selifes With Homemade Stickers And Celebrities
        * OS X Yosemite is almost ready for its close-up as Apple releases GM candidate
        * Apple Watch leans on the iPhone for app management and heavy lifting
        * Sony unvveils new marketing campaign for Xperia Z3, Z3 Compact
        * WunWun, The Service For On-Demand Anything, Revamps Logo In Time For San Francisco Launch
        * Galaxy Note 4 gets its own “gapgate scandal”
        * OnePlus One Review – Not quite a flagship killer, but great nonetheless

        * Google releases, open sources tools for linear optimization
        * iOS 8 Bug Causes "Reset All Settings" to Erase iCloud Drive Documents
        * Moto 360 Back In Stock For A Limited Time
        * Facebook launches EMEA Client Council
        * Microsoft Unveils Windows 10, Which Will Run All its Devices
        * Google’s Orkut shuts down today. Farewell to Brazil and India’s former favorite network
        * Prioritize Your Email with Computer Message Log Labels

        * Anderson, Edwards prospects to watch in AFL
        * Manager notes: How Robin Ventura and Chris Sale get along
        * Voting underway to decide Hank Aaron Awards
        * Development of young core in '15 can define Chicago's future
        * Improved White Sox take important step in 2014
        * September call-ups report card: position players
        * Ushering in the world after Paul Konerko


        Main Menu
        Home
        Illinois
        YouTube
        Pundit rankings
        Obama
        Subscriber Content
        Durbin
        Burris
        Blagojevich Trial
        Advertising
        Updated Posts
        Polls

        Archives
        September 2014
        August 2014
        July 2014
        June 2014
        May 2014
        April 2014
        March 2014
        February 2014
        January 2014
        December 2013
        November 2013
        October 2013
        September 2013
        August 2013
        July 2013
        June 2013
        May 2013
        April 2013
        March 2013
        February 2013
        January 2013
        December 2012
        November 2012
        October 2012
        September 2012
        August 2012
        July 2012
        June 2012
        May 2012
        April 2012
        March 2012
        February 2012
        January 2012
        December 2011
        November 2011
        October 2011
        September 2011
        August 2011
        July 2011
        June 2011
        May 2011
        April 2011
        March 2011
        February 2011
        January 2011
        December 2010
        November 2010
        October 2010
        September 2010
        August 2010
        July 2010
        June 2010
        May 2010
        April 2010
        March 2010
        February 2010
        January 2010
        December 2009
        November 2009
        October 2009
        September 2009
        August 2009
        July 2009
        June 2009
        May 2009
        April 2009
        March 2009
        February 2009
        January 2009
        December 2008
        November 2008
        October 2008
        September 2008
        August 2008
        July 2008
        June 2008
        May 2008
        April 2008
        March 2008
        February 2008
        January 2008
        December 2007
        November 2007
        October 2007
        September 2007
        August 2007
        July 2007
        June 2007
        May 2007
        April 2007
        March 2007
        February 2007
        January 2007
        December 2006
        November 2006
        October 2006
        September 2006
        August 2006
        July 2006
        June 2006
        May 2006
        April 2006
        March 2006
        February 2006
        January 2006
        December 2005
        April 2005
        March 2005
        February 2005
        January 2005
        December 2004
        November 2004
        October 2004

        Blog*Spot Archives
        November 2005
        October 2005
        September 2005
        August 2005
        July 2005
        June 2005
        May 2005

        Syndication

        RSS Feed 2.0
        Comments RSS 2.0
        WordPress

        Loading


        * Jeb Bush talks education for Arkansas GOP hopeful..
        * Topic matches for "homeless"..
        * Illinois Community Leaders Deliver More Than 20.....
        * Public Interest Group Urges Against 'Wasteful S.....
        * Washington Mayor supports Quinn in new ad..
        * U.S. prosecutor lifts hold on hearings into Qui.....
        * Quinn Oct. 6 fundraiser to honor his industry s.....


        * Panel plans to resume anti-violence program probe
        * Illinois measure would give victims more rights
        * Chicago court hears arguments Holocaust case
        * Quinn touts first year of Affordable Care Act
        * USDA: Illinois corn harvest continues lagging
        * Judge to give verdict Oct. 8 in Joliet murder case
        * FBI: Chicago man threatened beheadings at SIU
        * President Obama headed home to Chicago this week
        * Illinois-owned planes to be sold in online auction
        * Steamship wreck from 1926 found in Lake Ontario

        * Lawmaker panel plans to resume anti-violence program investigation
        * Quinn touts first year of Affordable Care Act
        * State-owned airplanes to be sold in online auction
        * GOP opposition to school funding bill irks Manar
        * Durbin, Oberweis debate background checks for guns
        * Election 2014: Simon, Topinka spar over transparency, ethics in comptroller’s race
        * Statehouse Insider: There are a lot of campaign ads, in case you haven’t noticed
        * Quinn, Rauner address Illinois millennials
        * Burris an issue in Chicago trial
        * State schools seek carbon monoxide detectors

        * Look for news today on drug firm payments to doctors
        * U.S. prosecutor lifts hold on hearings into Quinn's anti-violence program
        * Drug firms paid U.S. doctors $3.5 billion
        * Leo Burnett beefs up shopper marketing
        * Things are getting better at O'Hare, Midway airports


        * Vigil held for Skokie teens; two Niles North seniors shot, one killed
        * The thug life runs deep
        * Chicago shutdown will cost airlines ‘hundreds of millions’: analyst
        * Man accused in FAA fire made 'tragic mistake,' lawyer says
        * Shake-up at Robert R. McCormick Foundation
        * Church hosts woman fighting deportation
        * Hackers might have Jewel-Osco customers credit card data — again
        * Prosecution rests in Joliet double murder trial
        * Top cab official arrested in vehicle title laundering case
        * Uber forges ahead with 420-job expansion contingent on veto


        * Facebook posting offers new details on suspect in fire at FAA radar center
        * Blue Line service returning to normal after construction debris slows traffic
        * Obama to discuss economy in Northwestern speech
        * Haunted house includes John Wayne Gacy room
        * Shoppers seek $100K from Victoria's Secret over shoplifting accusation
        * State begins notifying medical marijuana applicants
        * Alderman wants bigger fines for impersonating a city worker
        * Sister of Joliet double slaying victim: 'These people were just cruel'
        * Emanuel taxi proposal: No fare hike, centralized dispatch
        * Woman found after being reported missing in Grayslake


        * Chicago Mayor: Lower Penalties For Drugs
        * Can Politics And Prison Reform Mix?
        * Nursing Program Comes To UIS
        * IDOT Layoffs Halted, But Quinn Wants To Proceed
        * Quinn, Rauner Share Hazy Stance On Decriminalizing Pot
        * Decatur Forum Focuses On Compassion
        * Listen to State Week - September 26, 2014
        * Mike Lawrence: The Compelling Challenge Of Rehabbing Illinois
        * Pensions: Vexing Illinois Politicians Since 1917
        * Mary Todd Lincoln And Spiritualism


        * Panel plans to resume anti-violence program probe
        * Lawmaker panel plans to resume anti-violence program investigation
        * Quinn touts first year of Affordable Care Act
        * State-owned airplanes to be sold in online auction
        * Our Opinion: Job creation is a health priority in Sangamon County
        * GOP opposition to school funding bill irks Manar
        * Durbin, Oberweis debate background checks for guns
        * David McSweeney: Pension cost shift would lead to higher taxes
        * Bernard Schoenburg: Rauner campaign uses Michigan firm for calls
        * Election 2014: Simon, Topinka spar over transparency, ethics in comptroller’s race


        * Updated: Shots fired at Kentucky school, 1 student hurt
        * RLC to feature last Crusine Night of the year
        * Boil order issued for part of Lake Egypt Water District
        * Police: 1 child hurt, school evacuated in Kentucky
        * Belleville police believe they have captured gas station armed robber
        * SIU's Pruitt, Neidig earn CFPA awards
        * Food, fun planned for Marion Senior Club Halloween event
        * Teenage girl says a man tried to abduct her in Belleville
        * HUD provides grants for low-income residents
        * Absentee voting taking place in St. Clair, Madison counties


        * O'Hare, Midway airports nearing normal capacity
        * Police: 1 child hurt, school evacuated in Kentucky
        * U-46 parents, students criticize new grading system
        * Walgreen posts 4Q loss on Alliance Boots charge
        * Elgin woman dies after head-on crash

        * Representative Jan Schakowsky Sends Letter...
        * Rep. candidate pushes to uphold marriage b...
        * Reps. Schakowsky and Waxman Introduce Bill...
        * Statement by Representative Jan Schakowsky...
        * FAA Rejects Call For New O'Hare Noise Stud...
        * Representatives Quigley, Duckworth, Schako...
        * Representative Jan Schakowsky Statement on...
        * Representative Jan Schakowsky Statement in...
        * U.S. House Passes Resolution Condemning An...
        * Representative Jan Schakowsky Statement on...

        * Stupid Stuff on Steroids...
        * Stupid Stuff on Steroids...
        * Stupid Stuff on Steroids...
        * Lawyer Says Suspect In Radar Center Fire A......
        * Air Traffic Meltdown Puts FAA Vulnerabilit......

        * FAA Calls for 30-Day Review of Security Pr......

        * Beemsterboer Ends Petcoke Operation In Chicago
        * Public Interest Group Urges Against 'Wasteful Spending' On Illiana Expressway
        * TIF Meeting In 21st Ward
        * Emanuel To City Sister Agencies: Require A $13 Minimum Wage
        * Governor Quinn Visits TMA
        * Thinking of Getting a License in Florida?
        * What Illinois REALTORS® need to know about getting a Florida real estate license
        * Princeton Professor: Cultural Elite Can No Longer Tolerate Christians [video]
        * Chicago-based Mexican Consulate issues ID cards to Nationals via mobile office
        * Tom Tresser, Co-Founder Of The CivicLab, At TIF Town Hall Meeting


        * Quinn must take lame duck tax vote off the table
        * Governor Quinn Announces Successful First Year of Affordable Care Act Enrollment - More than 685,000 People Now Have Access to Quality Health Coverage Under the Affordable Care Act
        * Rauner hits Quinn on tax hike timing
        * Taxpayer Red Alert: Quinn Doubles Down on Lame Duck Tax Hike
        * Fact Check: Pat Quinn’s Most Desperate False Attack Yet




            Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller