Cubs' Tom Ricketts: Most MLB Owners Don't Take Money out of Their Team

Megan ArmstrongSenior Analyst IIJune 2, 2020

CHICAGO, ILLINOIS - SEPTEMBER 19: Owner Tom Ricketts of the Chicago Cubs is seen on the field before the Cubs take on the St. Louis Cardinals at Wrigley Field on September 19, 2019 in Chicago, Illinois. (Photo by Jonathan Daniel/Getty Images)
Jonathan Daniel/Getty Images

Chicago Cubs owner Tom Ricketts disputed that Major League Baseball owners rake in exorbitant amounts of cash from their respective clubs' annual revenue to ESPN's Jesse Rogers on Tuesday:

"Most baseball owners don't take money out of their team. They raise all the revenue they can from tickets and media rights, and they take out their expenses, and they give all the money left to their GM to spend.

"The league itself does not make a lot of cash. I think there is a perception that we hoard cash and we take money out and it's all sitting in a pile we've collected over the years. Well, it isn't. Because no one anticipated a pandemic. No one expects to have to draw down on the reserves from the past. Every team has to figure out a way to plug the hole."

Last week, prolific player agent Scott Boras advised his clients against agreeing to "further pay cuts to bail out the owners" during ongoing negotiations between the league and the MLB Players Association to finalize a return to play plan.

Ricketts addressed Boras' comments:

"(Boras) doesn't have any insight into our balance sheet, and as we have been investing in the ballpark, we've been spending more on the field. We've been one of the top spenders in the league while we were fixing up Wrigley Field. We don't take money out of the team. Most owners don't. We're investing in the future of the club and the current team on the field."

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