Did You Hear The Joke About The Chicago Cubs ? Stop Me If Youv’e Heard It Before ?

Financial constraints and hardships notwithstanding. I’d like to know who’s the idiot minding the store as far as the finances of the Chicago Cubs and its parent company the Tribune Group Inc. are concerned ?

Ryan Ludwick and teammate Rick Ankiel celebrate after Ludwick's hit of a 2 run home run against the Chicago Cubs in a game played at Wrigley Field. The St Louis Cardinals would end up defeating the Cubs 4-2. picture appears courtesy of ap/photo/ Paul Beaty ........................

The stupidity now being shown now borders on insanity by the conglomerate’s owner, commercial real estate billionaire and entreprenuerial mogul, Sam Zell. First a tentative agreement was in place for the ballclub to be bought by TD Ameritrade founder , billionaire, Tom Ricketts . Whilst nowhere to seen in the midst of this all is anyone from the hierarchy of Major League Baseball (MLB). But you can bet your bottom dollar should things to continue to fall south that league Commissioner Bud Selig will have something to say about this all. Especially if the speculation now circling is said to be true that the ballclub will seek bankruptcy protection from its creditors. Well specifically not the ballclub itself , but its parent company, The Tribune Group Incorporated.

Billionaire real estate tycoon Sam Zell. The billionaire owner of the Cubs' parent company the Tribune Group is seriously contemplating entering the team into Chapter 11 bankruptcy proceedings in order to facilitate the quick sale of the franchise. A tentative offer of $900m was made by the founder of consumer brokerage house TD Ameritrade's Tom Ricketts. The sale has now hit a snag between the two parties. picture appears courtesy of afp/photo/ Paul Hayden ....................

In light of this all , it goes to show how tenuous and precarious that the state of the game is in financially. And all of this comes on the eve of the 80th edition of the major league All-Star Game (2009), to be held at Busch Stadium in St. Louis, Missouri. To suggest that this doesn’t create something of a PR nightmare on the eve of the sport’s midseason showcase event. Well it would be to suggest that Darwin’s ‘Theory on Evolution’ was basically conceived as a stunt and was extremely flawed. This is no laughing matter at this juncture. For there’s little to laugh about concerning the envisaged bankruptcy proceedings of one of the game’s most storied franchises.

The Cubs' Randy Wells (left), Aramis Ramirez (center) and Ryan Theriot (right) plead their case concerning interference with second base umpire Dan Bellino during the game against the St Louis Cardinals . picture appears courtesy of ap/photo/ Paul Beaty .............................

And whilst there may well be some jocular humor concerning the Chicago Cubs’ history. The fact of the matter is there’s a remote possibility that the franchise could possibly cease to be, or for all sense and purpose be shuttered over a prolonged period, should things not be resolved amicably during the Federal proceedings in bankruptcy court. But much of this is now , but mere speculation. But the team’s owner in the guise of Sam Zell has to be looking for a speedy way to resolve this matter without MLB intervening in some form. That being said the incredulity having been shown by the game’s hierarchy over the last decade does give cause for a great deal of concern . We’ve all seen how the the game’s hierachy and owners in collusion with the Players’ Union conducted themselves with regard to the steroid issue. Much of that was akin to the actions of the three monkeys, see no evil, speak no evil and hear no evil .

Yahoosports.com :

AP Sources: Cubs exploring bankruptcy filing

By Dave Carpenter, AP Business writer

CHICAGO-(AP) The corporate owner of the Chicago Cubs is considering having the team file for bankruptcy protection as a legal step to hasten its long-awaited sale , according to two people with knowledge of the process.

Tribune Co., which itself filed for bankruptcy protection in December , intends for the Cubs to stay in Chapter 11 to be as short as a day or two. If pursued the filing would be done to give the team’s next owners as “clean” a title to the Cubs as possibe-to protect them from possible future claims by Tribune creditors.

The people familiar with the process described it to the Associated Press on Monday, confirming earlier reports. These people spoke on condition of anonimity because the bankruptcy plans are not yet public.

One person said the filing is not imminent and is not necessary in order for a sale of the Cubs to take place.

A possible bankruptcy filing is just the latest twist in the lengthy sale saga involving a prosperous but star-crossed franchise that hasn’t won a World Series since 1908.

Tribune, which bought the Cubs from Wm Wrigley Jr. Co. for $20.5m in 1981, put the team on the market on opening day in 2007, when real estate mogul Sam Zell agreed to buy the media conglomerate. But Zell has proceeded deliberately in selling off sell off one of the company’s most lucrative assets, which were not covered by the Tribune Co. bankruptcy filing in December. The recession and credit crisis have slowed the sale further.

The family of TD Ameritrade owner Joe Ricketts remains the front-runner to buy the team for about $900m , but there is no final agreement. The family and Tribune Co. are still ironing out details.

Cubs’ Chairman Crane Kenney did not immediately respond to a request for comment.

Bankruptcy attorneys said the Cubs should be able to get in and out of bankruptcy court quickly, citing the General Motors Corp. case amongst others without major underlying disputes.

“They’re not looking for protection from creditors who are banging on the door”, said Paul Rubin, a corporate bankruptcy attorney in New York who is familiar with sports bankruptcy issues. “They’re looking to cleanse the entity so the buyer is protected on the back end.”

Peter Russin , a bankruptcy lawyer in Miami, said filing in court now that a deal appears close makes sense because it can help resolve any roadblocks to the sale.

It’s not clear what issues might be holding up a final agreement on a sale package that includes the Cubs, Wrigley Field and 25 per cent interest in a regional sports network.

Asked about the possible bankruptcy filing Monday , Major League Baseball Commissioner Bud Selig said he’s been “talking to people” but “I can’t tell you there’s anything new.”

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Tom Ricketts co-founder of consumer brokerage house TD Ameritrade. The Ricketts' family are behind the bid of $900m pursuing the purchase of the Chicago Cubs franchise. picture appears courtesy of res publica group @ copyrighted material .... All rights reserved ..........................

Clearly if something of this magnitude to a franchise such as the Chicago Cubs with their renowned reputation can happen. Then most definitely any franchise within Major League Baseball who might happen to find themselves in a similar situation won’t hesitate at all to follow the path of the Cubs at present. And as such it creates a dilemma for the stability of the game and that of the franchises within the game of baseball. It sends a powerful message to the hierarchy of the game.

With but a handful of teams around the league clearly showing an operating profit. And that is not to include the tax sharing revenues afforded to many of the mid-tier and small market teams. It does not bode well for the thinking that the game is in an extremely healthy state. We’re constantly being served up with a great many platitudes by the commissioner, as to the competitiveness of the game. But all too often he fails to address the economic struggles that many of the teams are said to be facing.

Beleaguered commissioner Bud Selig. The commissioner's response concerning the apparent maneuver being undertaken by the Cubs has been deafeningly silent in terms of his tomed opinions on the subject. picture appears courtesy of ap/photo/ Matthew Hornsford ...............................

And inspite all of this we have never had a team within Major League Baseball ever open up their books for public scrutiny. But yet they tend to come to the state , county and municipal governments cap in hand looking for public financing in order to avail themselves the finest as to the state of the art facilities when it comes to a ballpark.

Somehow there seems to be something inherently wrong with the way that Major League Baseball is allowed to conduct its business. It still remains somewhat archaic in many of its rules but at the same times there are practices that border on being contemptable and corrupt.

And as of now from the ranks of the game’s hierarchy , they remain silent as to what is now transpiring with one of its most beloved and renowned franchises. One has to wonder what it will take for them to change their mindset and be completely candid with the fans , public and the press alike ? Thus far all we continue to hear are the hollow sounds of indifference from the commissioner’s office , and not much else by way confidence or truth for that matter.

As to the lovable Chicago Cubs what else can go wrong for the franchise at this juncture ? It’s not as if they’re in with the remote chance of winning the World Series this year. Or are they ? Stranger things have been known to happen. But divine intervention doesn’t appear to be even on God’s agenda. As the saying goes ‘God doesn’t like ugly !’ And at this juncture that’s indeed what the Chicago Cubs have now become , both and off the field of play .

NB Should you be interested in reading more about the Cubs. Then click unto the link provided below. There you’ll see another piece written by me concerning the franchise.

The Cubbies’ll Always Be Lovable , Win Lose Or Whatever ……..