From Chicago Business:
Tribune Co. CEO Sam Zell’s plan to sell the Cubs and Wrigley Field separately is driving down the value of the team, some observers say.
To entice real estate investors to bid on Wrigley, Mr. Zell estimates an owner of the park can charge the Cubs $25 million a year, a sum considerably higher than rents for comparable teams.
Mr. Zell is trying to squeeze every dollar he can out of a sale of the Cubs and its 94-year-old ballpark. Some analysts have pegged the price of the Cubs, the park and related assets at $1 billion â€” money the Tribune desperately needs in the face of looming debt payments and declining newspaper revenue. But the pricey rent would be a burden on any new owner, who might struggle to keep up with payroll and other operating costs.
It’s like he bought a really nice house and his plan is make it into a duplex and double the rent…only he refuses to build another kitchen.