Unless you’ve lived under a rock for the past year, you’ve probably heard that the Tribune Co. is planning on selling the Cubs and Wrigley Field.
For those of you who have been under a rock, a brief recap of events: A little over a year ago, billionaire media mogul Sam Zell bought the struggling Tribune Co., a conglomeration of media outlets including several newspapers and TV stations, including the Chicago Tribune, and WGN-TV. The deal also included the Chicago Cubs and Wrigley Field, as the Tribune Co. purchased both in 1981. From the start, Zell made it clear he had no intention of owning neither a Major League baseball team, nor a stadium, so it was generally accepted that both would be sold sooner rather than later.
A year passed with little movement on either sale -Zell said he would sell the Cubs and Wrigley separately, presumably to maximize his profits- but now it appears that the sell of both is forthcoming. Zell recently opened the Tribune Co.’s books, a key step in allowing prospective buyers to know exactly what they’re getting themselves into, besides 99 years of World Series futility.
In mid-May, the Illinois Sports Facilities Authority, the same state agency that owns U.S. Cellular Field, made a proposal to buy Wrigley. The IFSA’s proposal promised that taxes would not be raised nor created to finance the sale. Instead, the agency would raise money by selling “equity seating.” If “equity seating” were to catch on at Wrigley Field, fans would sign a long-term contract which would give them the right to buy season tickets for a seat or group of seats at the begining of each season. In some cases, the seat prices would stay fixed during the contract, in others, the prices would raise a predetermined amount agreed on by both parties. The “equity seating” proposal is similar to the personal seat licenses the Bears offer at Soldier Field. The ISFA’s initial proposal was rejected by Zell and the Tribune Co., but expect the agency to tweak its bid and apply again.
For fans, there are three key issues involving the sales: possible name changes to Wrigley, possible renovations made to Wrigley, and the possible sale of “equity seating” or PSLs. Fans, of course, don’t want to see the Cubs play at Costo Stadium, or even something like Wrigley Field at Walgreens Park. Fans also won’t want to see wholesale changes to Wrigley. Of course, some alterations to a 94-year-old ballpark are necessary, but an video game arcade underneath the bleachers, or a retractable roof, or a fast pitch stand on the third-base concourse, aren’t necessary. Part of the charm of Wrigley Field is the fact that it is a time machine of sorts, and fan’s won’t take kindly to changes that will disrupt the nostalgic feel of Wrigley. Finally, fans are concerned about the possibility of equity seating or PSLs. These types of deals, which would most certainly command tens of thousands of dollars for the right to buy season tickets on a yearly basis would most certainly be cost-prohibitive for Average Joe fan, and would entice large corporations to buy massive blocks of tickets.
Stay tuned. With the Cubs off to a hot start and the team, along with Wrigley Field, for sale, it will most certainly be an interesting summer.
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