Cubs Seek Share Sale to Renovate Wrigley

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April 10 (Bloomberg) –- Galatioto Sports Partners President Salvatore Galatioto discusses the Chicago Cubs looking to sell a minority stake in the franchise to renovate Wrigley Field, the teams iconic home ballpark. He speaks to Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)


He sold the company for $85 million.

Now the cubs are looking to sell a minority stake.

Now the cubs want to renovate their field, wrigley field.

Thank you for being here.

My pleasure.

How did you get into a business like this?

A lot of luck.

All right.

We look for a lot of knows -- businesses -- just a little of your background.

I was a commercial banker for years.

Got into investment banking through the sports business.

Within the year we did the washington redskins transaction, which of the time was the largest sports delivered done.


we got that deal done.

From there, it snowballed.

We have done 75 deals, i guess, in the last 18 years.

17 deals and 18 years.

The prices keep going up, don't they?

They have been.

We just represented the family with the sacramento kings.

Are they going to keep it there?

Yes, they are.

They are doing a new building project and they should be able to keep it there.

Talking about building projects, i want to talk about the chicago cubs in just a moment.

What is their overall plan?

What is the game plan for the chicago cubs?

This is one of the oldest buildings in all of sports.

Wrigley field.

The fans love it.

It is a national historic man -- landmark.

There are limits to what we can do.

We want a better fan experience and obviously generate more cash flow for the team so they can reinvest inv players and a better product on the field.

We think that there will be some movement around building.

Down the road, there will be other things the cubs can do.

This is a really iconic franchise.

A very deep and, as you know, very loyal fan base.

This is a way to improve their experience in the financial ein amex of the team.

What should any potential -- and the financial express of the team.

What should any potential investor know?

Well, i am biased.

I read presented the ricketts -- the ricketts are wonderful people.

I have had nothing but good experiences with them.

Anyone who is a partner will have a very good experience.

Obviously major league these bold rules dictate the major partner rules everything.

You will have some input, but it will be relatively limited input.

There is media upside.

There is stadium revenue upside.

There is developmental upside in the real estate around the building.

Obviously when you are with an iconic brand like the cubs, you see what happens to asset values across the board in sports.

It is incredible.

It is a non-correlated asset to the market.

It is incredible.

Do you know who likes assets?

Warren buffett.

What you think?

I cannot comment.

I cannot comment on any investor.

I will not say yes or and no -- yes or no or anything else.

Do you have to be an established fan to join this little group?

No, you don't have to be at cubs fan.

A fan of baseball?

I think you will get a lot of people who are baseball fans.

What kind of minority stake are we talking about?

Multiple shares or one person or one investor group?

How do you determine that?

I think we would probably like a limited number of investors, probably four or five investors.

No more than that.

We will see what response we get.

As you may imagine, i am getting all kinds of angry is -- -- inquiries.

Those must be adding up



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