Potential owner may sell Cubs stock
April 20, 2009 (WLS) -- The man who is trying to buy the Chicago Cubs is considering selling stock to raise some of the money to get the deal done, but average Cubs fans will not likely be able to buy stock.
Tom Rickets is making his pitch: You can buy part of the team if you have $25 million. Crain's Chicago Business is reporting Monday morning that as part of the $900 million deal to buy the Chicago Cubs, Rickets is trying to raise money by selling preferred stock to wealthy individuals. He's looking for 10 investors who can put up the $25 million each.
The wealthy Rickets family won in the final round of the bidding for the Cubs in January. So far, no prospective investors have signed onto the deal. Crain's Chicago Business Senior Reporter Ann Saphir says the likely investors would include those who lost out in the bidding, and they would get a lot for their money.
"They won't get any voting rights, but they'll be able to sit on an advisory board, they'll be able to get good seats, hang out with the players, and they'll get a 6.5% return on their investment," Saphir said.
Some Cubs fans wish they could get in on the deal.
"I think it's great they want fans to become a part of the team but they should let everybody buy some stock in the team. Let the small people be a part of it, too," fan Keith Schulte said.
If he had $25 million, he said, he would invest in the team, but others aren't so sure.
"I think I'd go for a safer bet than the Cubs," said Liz Levine.
The owner of the Tribune Company and the Cubs is said to like this financing plan, because ultimately, it would mean that he would have to pay less in capital gains tax in the proceeds from the sale of the cubs. It may, however, wind up slowing down the sale of the Cubs.
ricketts family, local, kevin roy
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