Report: Tom Ricketts in talks to buy several rooftop buildings

A critical point in discussions between the Chicago Cubs’ owner Tom Ricketts and Wrigleyville rooftop owners appears to be near, as CSN Chicago’s David Kaplan reported Wednesday that deals could be near that would allow the Ricketts family to purchase several of the rooftop properties on both Waveland and Sheffield avenues near Wrigley Field.

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According to Kaplan, the talks – which had been largely cold since 2009 – gained traction after the final proposal received the stamp of approval from the City of Chicago, prompting rooftop owners to consider alternatives after years of threatened lawsuits against the organization. Most of these lawsuits centered around the increased signage and video boards that are part of the Wrigley Field renovation project. Both video boards are expected to be ready by Opening Day 2015.

"“Despite years of acrimonious negotiations and public sniping that has pitted the two sides against one another, things have gotten much better,” a source with knowledge of the talks told Kaplan recently.” The Ricketts family has been amazingly fair, and Tom has been a man of his word throughout these latest discussions. He and his brothers and sister want the rooftop owners to get a fair deal, and Tom has been clear in his instructions to the rest of his team that he wants things handled that way."

The source went on to say that whether or not the two sides will agree on ‘fair’ remains to be seen, but he is optimistic that a deal will be done before the 2015 campaign kicks off. More than one source felt the same way, as another individual who “has worked closely with the rooftops” in recent years, told Kaplan that several owners are looking to escape from mounting financial concerns related to their respective buildings.

As the Cubs have underwent a major rebuilding effort of late, struggling at the big league level, rooftop owners have seen their revenues take a hit and, coupled with renovations and the poor reputation they have gained during the delayed renovation project – have been pushed into considering offers from Ricketts of late.

"“I believe that a deal will get done with some of the owners of the buildings and it could be done before Opening Day but it will happen if and only if what they are hearing from Tom and Crane Kenney comes to fruition. It appears that there is a middle ground but until contracts are signed nothing is guaranteed to happen,” a rooftop source told Kaplan."

The Wrigley Field renovation project is a four-year venture worth over half a billion dollars – all of which is being privately funded by the Ricketts family. The first installment of the project, which is currently underway, includes the demolition of the existing bleachers and an upgrading of infrastructure underneath the structures in order to support hundreds of new seats and the installation of the video boards and signage – one of the most controversial aspects of the project.

Other facets include a complete facelift to the exterior of the Friendly Confines, new state-of-the-art player facilities, as well as new concourse and upper-level concessions. Outside of the ballpark itself, a new plaza, hotel and other amenities will also be constructed; many of which will be open for public use year-round.

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