The government authority angling for Wrigley Field is expected to submit its bid as early as Tuesday, but the proposal will arrive badly bruised, according to sources close to the potential deal.
“It’s not dead, but it’s on life support,” said one source. “It’s not evident the deal will get done at all.”
The potential deal-killers are plentiful. Mayor Richard Daley is chafing at the prospect of sales tax revenue being diverted and the ballpark’s landmark status being changed. Illinois lawmakers, faced with dire funding problems, are resistant to the idea of spending money to help out a private business. And Cub fans have been howling at the prospect of naming rights being sold to help fund the deal, and the outcry appears to be scaring off potential corporate sponsors.
The Illinois Sports Facilities Authority, the state-city agency that owns and operates U.S. Cellular Field, will submit its bid for the 94-year-old Cubs stadium owned by Tribune Co. “shortly,” former Gov. James Thompson, ISFA chairman, said Monday afternoon.
Asked about rumblings that the deal might not go forward, Thompson said, “I haven’t heard that. … We are still proceeding.”
Details of the bid will not be disclosed until a deal is reached, he said, adding, “We don’t negotiate in newspapers.”
A spokeswoman for Sam Zell, the billionaire businessman who took Tribune Co. private last year, declined to comment Monday, as did Crane Kenney, chairman of the Chicago Cubs. The company, which also owns this newspaper, is attempting to sell the ball team and the park separately in an attempt to get greater value for the asset.
The Wrigley Field proposal is expected to include plans for $350 million to $400 million in renovations, and the deal likely would be financed with 30-year tax-exempt bonds to be paid off with naming rights fees, team lease payments and growth in sales taxes at the park, Thompson said earlier. But the terms of the actual proposal have not been unveiled and could change significantly before a deal is reached.
“I get a sense this is too hot a potato for anyone to touch right now, on sponsorships and even on selling the stadium to the Illinois authority,” said Bernie DiMeo, who heads an eponymous marketing agency that has done work for many of Chicago’s major sports teams.
The Cubs are attempting to sell partial naming rights to one or more corporations, while keeping the popular Wrigley Field moniker in some fashion. But the outcry at a possible name change is sending some potential sponsors to the sidelines, DiMeo said.
Not a priority for Daley
Mayor Daley voiced doubt once again Monday that the General Assembly would agree to a state purchase of Wrigley Field.
“You talk to anybody dealing with schools, you talk to anyone dealing with the problem of gun violence in society,” Daley said. “These are priorities. And I don’t think [a Wrigley sale] is one of the priorities in Springfield.”
Daley has been cool to the idea of a state purchase since the proposal was floated in December.
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A ballpark reconstruction project would require special permission from City Hall because Wrigley is an official landmark, and Daley clearly is reluctant to permit substantial changes.
People have come up to him to urge that the park’s special protection remain, he said Monday.
“They want to keep that landmark designation, … not only Cub fans but people who really believe it is one of the last vestiges of that type of stadium in the country,” he said.
Daley also has bristled at the potential diversion of sales tax revenue.
Getting bonding approval from the General Assembly would be difficult, given that it has been beset by political gridlock and is facing a $750 million deficit, said Laurence Msall, president of the Civic Federation, a government watchdog group that has not taken a stance on the issue.
Lawmakers voice doubts
The proposal to finance an upgrade of Wrigley Field comes after Gov. Rod Blagojevich and state lawmakers have failed repeatedly to reach agreement on a broad-based, multibillion-dollar public works program to build schools, roads, bridges and other major public works projects.
The governor has voiced equivocal support, saying he could back a proposal if it ensures the Cubs stay in Chicago and continue playing at Wrigley, and no taxpayer dollars are used for the purchase.
But the symbolism behind helping a sports team at this time is grating to many lawmakers who are frustrated because their local projects have been stalled in Springfield for years.
“At a time when the state is not paying its bills, it’s hard to imagine taking on greater debt and acquiring a highly successful business,” said Patty Schuh, spokeswoman for Senate Minority Leader Frank Watson (R-Greenville).
Sen. Christine Radogno (R-Lemont) said, “There’s a potential downside to the taxpayers any time the state gets involved in this type of transaction.”
Senate President Emil Jones (D-Chicago) is undecided on the issue but believes it should not be funded with tax dollars, a spokeswoman said.
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