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My aborted Reason 105...and why Ricketts shouldn't be villified


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#1 Oswego Chris

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Posted 15 November 2013 - 09:02 AM

While I was putting the finishing touches on the second edtion of my book this fall, my original Reason 105 was "The Zelling of the Chicago Cubs"...after finishing it, I felt it had too much financial mumbo-jumbo and I would have to work out the kinks for a later edition...(unless of course the Cubs win the Series this year...insert your own..."are you F^&ing kidding me!?")

 

Just a couple of quick points as to why I don't blame Tom Ricketts for much of the Cubs current predicament...

 

1. While we all wanted a maverick owner(no pun intended) like Marc Cuban who could put a mega-rich consortium together...to just buy, buy, buy...this wasn't going to happen. Emperor Selig would never allow a high spender like Cuban in the same market as one of his fellow Sith Lords Reinsdorf.

 

2. To avoid taxation, the sale was not even really a sale, Zell formed a "partnership" and avoided Capital Gains taxes...which left a tremendous debt load, that is very real. Forbes magazine predicted this shady deal wouldn't pass the IRS sniff test when it happened, and is now being proved right.

 

3. Before you say...."well Ricketts shouldn't accepted the deal"....think for a moment, Ricketts is a fan...who had a chance to buy the team...I can't fault him for doing whatever he had to, to buy the Chicago Cubs.

 

4. Ricketts inherited a bloated pay-roll(run up by Zell), a crumbling ball park, and a crap product on the field...

 

Now in a couple of years, if you still see payroll dropping...then call him cheap...

 

I am sure the FO conspiracy theorists who read this will bash me for naivety...but do a bit of research about Zell and see what you find out....

 

@BBCG105Reasons

 

 

 

 



#2 Cubbie Blues

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Posted 15 November 2013 - 09:29 AM

Luckily, the trolls don't usually make it over to this side of the board.


"It's not the dress that makes you look fat, it's the fat that makes you look fat." - Al Bundy

 

"Ow" - Dylan Bundy


#3 Oswego Chris

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Posted 15 November 2013 - 09:44 AM

yes...it does take some doing to get over here on the message board



#4 CubChymyst

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Posted 15 November 2013 - 10:52 AM

All good points. Don't know if I mentioned this yet but I really enjoyed the book.



#5 Oswego Chris

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Posted 15 November 2013 - 11:01 AM

thanks I really, really appreciate that....if you haven't already and have time an Amazon review would be swell....especially under the 2nd edition...because even though it is essentially the same book...Amazon wont transfer the reviews....

 

thanks again!



#6 sven-erik312

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Posted 15 November 2013 - 01:24 PM

Regards From Sweden Chris,

As I read your post, my kids are watching the Disney film, "Cinderella". How's that for irony! People need to understand that it's going to take hard work to turn this team around. The fairy tale stuff just ain't gonna happen. Great post. 



#7 Fishin Phil

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Posted 15 November 2013 - 01:42 PM

I have always traced the downfall of the Cubs to Sam Zell. 


Please don't feed the psychos.

#8 fromthemitten

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Posted 15 November 2013 - 02:09 PM

Remember when he tried to sell the naming rights to Wrigley?  SCUUUUUMBAAAAG



#9 Ron

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Posted 15 November 2013 - 08:16 PM

 

2. To avoid taxation, the sale was not even really a sale, Zell formed a "partnership" and avoided Capital Gains taxes...which left a tremendous debt load, that is very real. Forbes magazine predicted this shady deal wouldn't pass the IRS sniff test when it happened, and is now being proved right.

 

Also not sure if I said it but great book also. If this does not pass the sniff test from the IRS could the sale be restructured freeing up cash for the Cubs? I have no idea, I work with small numbers and hand shakes.



#10 Oswego Chris

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Posted 16 November 2013 - 06:20 AM

Thanks very much in regards to the book...

Last I checked the IRS was involved in one of Zell's pre-Tribune Co. "deals"

Basically he will probably have to pay lost capital gains...

No help to the Cubs, they were just got in one of his sche....er, deals...

#11 Luke

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Posted 16 November 2013 - 11:44 AM

Last I checked the IRS was involved in one of Zell's pre-Tribune Co. "deals"

Basically he will probably have to pay lost capital gains...

No help to the Cubs, they were just got in one of his sche....er, deals...

 

If he winds up having to pay capital gains anyway, then the door could open for the deal to be restructured in a way that opens up  more flexibility for the Cubs.  If the goal of the current deal no longer applies for Zell, then I'm not sure he would benefit from fighting a restructuring.

 

That doesn't mean it will happen, by any stretch, but action by the IRS could tangentially help the Cubs.

 

Not that it will stop the front pages from drowning in comments from trolls who deliberately choose to misunderstand the story so they can complain that Ricketts destroyed the team and is going to be exiled by the IRS for torturing kittens or some other nonsense.






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