Come To Think of It: Got $25 Million? You Can Own a Piece of the Cubs!

According to Crain's Chicago Business, new Cubs owner Tom Ricketts is looking for new investors to help him pay for the acquisition of the team.

Hey, if you happen to have $25 million laying around collecting dust, why not contact Mr. Ricketts and be a part-owner of your favorite team?

Here are some relevant quotes from the article:

"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 percent 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."

Previous owner Sam Zell apparently didn't do Ricketts any favors, insisting on debt-heavy financing to reduce the capital gains tax Tribune would have to pay. This is why Ricketts needs help to complete the sale.

The article tells us that the cost of this debt in terms of the interest rate is likely to exceed 10 percent.

So, what does all this mean to the average Cubs fan without deep pockets?

Well, it means that the sale isn't likely to be completed any time soon. It will likely drag on as the new owners sort through this, as well as other issues (such as TV rights).

Will this delay affect Jim Hendry's ability to go out and buy some additional help at the trade deadline if needed? That remains to be seen.