10 months, 3 weeks ago from Associated Press
The owners of the Chicago Cubs say they may sell minority shares in the team to help finance renovations at century-old Wrigley Field.
Cubs spokesman Julian Green confirmed published reports Thursday the Ricketts family is considering selling non-controlling shares to pay for a proposed $500 million upgrade Wrigley and redevelopment of the surrounding area. The Ricketts own 95 percent of the Cubs, with the Tribune Co., which sold the team to the family, owning the rest.
Forbes, in its recent valuation of Major League teams, ranks the Cubs as the fourth most valuable, at $1.2 billion. The Ricketts reportedly bought the team for $845 million
Progress on renovating the ballpark has been stymied by opposition by surrounding rooftop owners. They believe changes to Wrigley may block views of the field.