According to Crain's Chicago Business, Tom Ricketts is looking into finding a few private investors who would like to share ownership of the Chicago Cubs.
"Crain's has learned that Mr. Ricketts — scion of the TD Ameritrade Inc. fortune — is trying to raise $100 million or more through the sale of preferred stock to wealthy individuals. Money raised from investors would reduce the amount the Ricketts family would have to borrow from banks to finance the Cubs deal.
The preferred shares would represent an ownership interest in the team but confer no voting privileges or other rights of control. Investors would be entitled to a 6.5% dividend on their shares, according to people familiar with the terms.
They also would get front-row seats at Wrigley Field, opportunities to hobnob with players and a place on an "advisory board" that would meet regularly to discuss the team's future. After 15 years, they'd get their original investment back without sharing in any appreciation in the value of the franchise over that period.
People close to the Ricketts group say Mr. Ricketts hopes to find five to 10 investors willing to put up $25 million apiece."
This is the best news I have heard in a long time. I have recently come to the conclusion that I would never be able to own the Cubs. But now, being able to own a portion of the Cubs for a mere $25 million? That is still achievable!
I'm one Mega Millions victory away from the dream. So the question is which is more likely: a Cubs World Series or me winning the lottery?
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