Dec 12, 2007 10:20 pm US/Central
State In Talks To Buy Wrigley Field From Tribune
If Deal Is Reached, Taxpayers Could Be On The Hook For Stadium's Rehab Costs
CHICAGO (CBS) ―
A possible deal right out of left field could leave taxpayers on the hook for the renovation of Wrigley Field.
It's not a done deal, but CBS 2 has learned discussions have been on for weeks for the state to purchase Wrigley Field. As Chief Correspondent Jay Levine reports, the stadium is a Chicago landmark and sits on a valuable piece of property in a hot neighborhood.
But the Cubs might be worth more to a new owner without Wrigley Field, than with it. And that's why the state is talking with the Cubs about buying the stadium and running it just like they do U.S. Cellular Field.
Sources confirm Wednesday night that the Gov. Rod Blagojevich's people have been talking with the Cubs' owners about buying the stadium before the Tribune Co. sells the team.
"Why not let a market, put what you got on the table and let the market decide what the price is?" said University of Chicago Professor Alan Sanderson.
The U.S. Cellular Field, the home of the Chicago White Sox, is already owned and operated by the state. The White Sox pay rent, but not enough to cover the costs. The difference is made up by the city's hotel and motel tax.
Depending on the Cubs' lease, the same thing could happen on the North Side.
"I'm generally concerned about putting more burden on taxpayers especially in this economic climate," sad 44th Ward Ald. Tom Tunney.
There are several groups vying to buy the Chicago Cubs, among them one headed by Chicago businessman John Canning, another with financial whiz Tom Ricketts at the helm, and a third run by Texas billionaire Mark Cuban.
They all know Wrigley needs work.
"You're not talking about repainting or putting in new seats, you're talking about within a decade totally rebuilding the park," Sanderson said.
Building new stadiums today costs nearly $1billion dollars, and total rehabs likely run in the hundreds of millions.
"My concern is the Cubs remain at Wrigley Field, Wrigley Field remains fundamentally the stadium it is," Tunney said.
The state built a stadium for the Sox to keep them in Chicago. But would it do the same for the Cubs?
"They're not going anywhere," Sanderson said. "Sure we derive some benefits from their existence and it provides us a source of somewhere between frustration and entertainment, but I'm not sure why the taxpayers should buy into that."
Calls to the governor's press secretary went unanswered.
Jim Thompson, chairman of the Illinois Sports Authority had no comment.
A spokesman for the Tribune would only say "we're looking at everything, whatever makes the most sense."
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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