Tom Ricketts Discusses the Cubs Future Direction

tom _ricketts

Thomas S. “Tom” Ricketts is chairman of the Chicago Cubs, and CEO of Incapital LLC, a Chicago investment bank that packages corporate bonds for retail investors. The son of Ameritrade founder J. Joseph Ricketts, Tom also directs TD Ameritrade Holding Corporation.

Forbes estimates the Ricketts’ family wealth ($1 Billion), consolidated under J. Joseph Ricketts at #371/ 400 on the Forbes 400 list. Tom reportedly makes only $171,000 a year in his role as TD Ameritrade Director, but the money he makes from as CEO of Incapital LLC is unknown. (and likely big money).

Ricketts co-founded the company in 1999, after working for the Chicago Board Options Exchange and ABN Amro. According to Forbes, “Incapital underwrites for several major U.S. corporations through its InterNotesSM product platform.”

In July 09, the Ricketts family reached an agreement with the Tribune Company to purchase the Cubs, Wrigley Field, and 25% of Comcast SportsNet Chicago for close to $900 million.

The deal was approved three months later, with Tom Ricketts board chairman, over 95% ownership of the team, Wrigley Field and 20% ownership of Comcast SportsNet Chicago. The Tribune retains 5%.

Let’s look at where he’s ended next.

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Cubs Owner Ricketts Rejected by State, Announces New Investment Plan

tom _ricketts

Yesterday wasn’t very good to Chicago Cubs owner Tom Ricketts. Here’s what went down according to the Chicagoist:

Since announcing their proposal for modernizing Wrigley Field last week, the Ricketts family has been lambasted by the media and shot down by both the mayor and governor. The Tribune’s Phil Rogers seems to be the lone village idiot who thinks that the Cubs do deserve public funding to fix up Wrigley — justifying it by saying that the other teams in town got money to build their parks. Never mind that we’ve got record deficits and budget shortfalls, and we’re still taxing away to pay off the debt on those stadiums. A simple comparison of the Cubs’ and Yankees’ trophy cases can demonstrate that life’s not fair.

Ricketts plan to extort public funding from the city and state in order to augment his private financial bottom line failed, and he claims to have no plan B. Sure, and those drunken idiots in the bleachers not watching the game are “true baseball fans.”

Well Ricketts rebounded today and held a press conference highlighting the features of his new Wrigleyville investment plan. Here are some of the snippets of that post-presser released statement. I warn you it’s 99.999% corporatespeak and public relations propaganda:

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