Sox looking at building in South Loop

[Bananarchy]

2 hours ago, Lip Man 1 said:

Time to call JR's bluff and tell him we'll find a way as soon as you publicly say you are going to kick up __ millions of dollars.

Won't happen, but you know Jerry isn't going to move the team.

 

This ends when Jerry dies. Not one second before.

[tjp1684]

38 minutes ago, Panerista said:

Won't happen, but you know Jerry isn't going to move the team.

 

This ends when Jerry dies. Not one second before.

Is there any benefit to him selling the Sox or his share of the Sox now?  I remember in the past him wanting to keep the Bulls in the family but sell the Sox.  I also wonder how the ownership agreement works with all the Sox partners if JR isn’t the managing partner.  I would guess there would be no shortage of potential owners who would buy the team and be willing to spend more.  

[Lip Man 1]

36 minutes ago, tjp1684 said:

Is there any benefit to him selling the Sox or his share of the Sox now?  I remember in the past him wanting to keep the Bulls in the family but sell the Sox.  I also wonder how the ownership agreement works with all the Sox partners if JR isn’t the managing partner.  I would guess there would be no shortage of potential owners who would buy the team and be willing to spend more.  

To your points:

On the rare times he has spoken about it JR has said he has told his family to keep the Bulls and sell the Sox. The Bulls make money he said because of the salary cap. (Personally until he opens his books and lets an independent accountant examine them I don't think for a second he's lost money with the White Sox)

JR is the managing partner and is in control of all day to day operations. The minority owners literally have no say in anything including if the team is sold. It's only sold if JR wants it to be sold.

As has been written about, because of the capital gains tax hit (approximately 200 million dollars on a two billion dollar sale of the Sox) AND the Illinois state tax hit, JR will never sell the franchise while he is alive, simple as that. 

[caulfield12]

13 minutes ago, Lip Man 1 said:

To your points:

On the rare times he has spoken about it JR has said he has told his family to keep the Bulls and sell the Sox. The Bulls make money he said because of the salary cap. (Personally until he opens his books and lets an independent accountant examine them I don't think for a second he's lost money with the White Sox)

JR is the managing partner and is in control of all day to day operations. The minority owners literally have no say in anything including if the team is sold. It's only sold if JR wants it to be sold.

As has been written about, because of the capital gains tax hit (approximately 200 million dollars on a two billion dollar sale of the Sox) AND the Illinois state tax hit, JR will never sell the franchise while he is alive, simple as that. 

But it is not a straightforward sale. Rubenstein and his group will initially purchase 40% of the team. The remaining 60% will be sold, reportedly for tax reasons, after 94-year-old Angelos passes away. Angelos purchased the team in 1993 for $173 million. If the sale were to take place now, Angelos would face an estimated $250 million capital gains tax on the approximately $1.5 billion profit. But by waiting until after his passing, the basis step-up rule would increase his cost basis to current market value instead of his original purchase price. If the team is sold immediately thereafter, there will be little to no capital gains tax on the sale.

“Rubenstein and his group would also enjoy some tax benefits as the new owners. According to Forbes, if the buyers are able to structure this as an asset sale, they will be able to take advantage of any losses incurred to offset other income. However, investors who do not materially participate in the team management can only use their losses to offset passive income such as real estate rental income.”

https://abovethelaw.com/2024/02/the-upcoming-baltimore-orioles-sale-is-structured-to-avoid-capital-gains-taxes/

 

 

Based on the original White Sox purchase price of just $19 million in 1981…it’s going to be closer to a $275-280 million hit with a full White Sox sale.

 

[greg775]

I wonder who Jerry is blaming for this mess of a team. Surely there are some non 'yes-men' in his life that tease/mock/ridicule him for this sorry excuse of a team. And his choices of GM and manager? Surely some people in his life are giving him hell for owning this awful club.

Maybe he laughs at them and just shows them his full wallet.

[fathom]

1 minute ago, greg775 said:

I wonder who Jerry is blaming for this mess of a team. Surely there are some non 'yes-men' in his life that tease/mock/ridicule him for this sorry excuse of a team. And his choices of GM and manager? Surely some people in his life are giving him hell for owning this awful club.

Maybe he laughs at them and just shows them his full wallet.

He blames the fans for not supporting the team 

[greg775]

1 hour ago, fathom said:

He blames the fans for not supporting the team 

Well that is infuriating. Even though he won me the title in 2005 I no longer have positive feelings about him. What is going on now (and the past several years) is unacceptable and infuriating and disgusting. No fan should support what has happened at 35th and Shields.

[Paulie4Pres]

Let that stupid old c*** threaten to move the team. What city in their right mind would want the Chicago White Sox? Serious question. They are perennial losers, who don't draw. They don't have a national fanbase. They've been the laughing stock of the MLB for most of the last two decades. 

[caulfield12]

1 hour ago, Paulie4Pres said:

Let that stupid old c*** threaten to move the team. What city in their right mind would want the Chicago White Sox? Serious question. They are perennial losers, who don't draw. They don't have a national fanbase. They've been the laughing stock of the MLB for most of the last two decades. 

Since Dunn's 2011 New York Times disastrous season...Ozzie/Buehrle leaving the team and Ventura's reluctance to take the job and then the Shields/Tatis trade and finally LaRoche/Drake/Sale Eaton Jersey Gate.

[socksless joe]

On 3/14/2024 at 10:21 AM, NO!!MARY!!! said:

I’ve seen this elsewhere, and I’m sorry but I just don’t get the joke. 

The joke is that Moncada would get injured running from the third base dugout to play third base.

[77 Hitmen]

16 hours ago, Lip Man 1 said:

Time to call JR's bluff and tell him we'll find a way as soon as you publicly say you are going to kick up __ millions of dollars.

Agreed.  There's no way this is going forward without JR committing a significant amount of private financing toward this project.  Surely the city and state officials have made this clear to him and he'd have to be delusional to not realize this.  Even the Royals are committing about $1B in private funds toward their new stadium proposal.  

Of course, we don't know all that's being discussed behind closed doors - and I don't expect all the finer details of what's being discussed in opening discussions to be made public.  And I realize that Uncle Jerry didn't become a billionaire by conceding his final offer at the start of negotiations.   But, in the end, I expect that Jerry or a new Sox owner will have to come up with something like $1B in private financing to make this happen.

Edited April 13 by 77 Hitmen

[Highland]

The new stadium idea is a travesty. This franchise has no credibility. But don't worry, everybody is a legend. Stone is a legend. Ozzie is a legend. Brings a tear to the eye.

[Look at Ray Ray Run]

16 hours ago, Paulie4Pres said:

Let that stupid old c*** threaten to move the team. What city in their right mind would want the Chicago White Sox? Serious question. They are perennial losers, who don't draw. They don't have a national fanbase. They've been the laughing stock of the MLB for most of the last two decades. 

The sox have one of the most international brands in the game. 

[tray]

23 hours ago, Lip Man 1 said:

To your points:

On the rare times he has spoken about it JR has said he has told his family to keep the Bulls and sell the Sox.

He opined about that prospect only one time that I am aware of (and no he never told his family that), yet it has been misconstrued and bandied about thousands of times in the media and by others. Jerry is more likely to leave ownership decisions to his heirs and business partners, with the proviso that he wants them to keep the White Sox in Chicago.

 

[bmags]

I think they should have mercy on us and propose an underground stadium. Tunnels around the city so we can walk in peace to the games without fear of being identified as the sickos we are.

Never to see the light of day. Protect the innocent.

[NO!!MARY!!!]

On 4/13/2024 at 4:16 AM, Paulie4Pres said:

Let that stupid old c*** threaten to move the team. What city in their right mind would want the Chicago White Sox? Serious question. They are perennial losers, who don't draw. They don't have a national fanbase. They've been the laughing stock of the MLB for most of the last two decades. 

Hyperbole 

[Sarava]

On 4/13/2024 at 3:16 AM, Paulie4Pres said:

Let that stupid old c*** threaten to move the team. What city in their right mind would want the Chicago White Sox? Serious question. They are perennial losers, who don't draw. They don't have a national fanbase. They've been the laughing stock of the MLB for most of the last two decades. 

If the A's can find a town to help fund them a stadium, then any team can.

[The Mighty Mite]

6 minutes ago, Sarava said:

If the A's can find a town to help fund them a stadium, then any team can.

This.

[Chicago White Sox]

10 hours ago, tray said:

He opined about that prospect only one time that I am aware of (and no he never told his family that), yet it has been misconstrued and bandied about thousands of times in the media and by others. Jerry is more likely to leave ownership decisions to his heirs and business partners, with the proviso that he wants them to keep the White Sox in Chicago.

 

Do you literally just make up your own realities?

[southsider2k5]

15 minutes ago, Chicago White Sox said:

Do you literally just make up your own realities?

Welcome to this thread.

[tray]

1 hour ago, Chicago White Sox said:

Do you literally just make up your own realities?

Do you easily fall for Con jobs? Let me guess which candidates you are voting for. Never mind.

[Chicago White Sox]

50 minutes ago, tray said:

Do you easily fall for Con jobs? Let me guess which candidates you are voting for. Never mind.

I have no idea what you’re referring to here.  That being said, not sure why my political affiliations matter when it comes to Jerry Reinsdorf wanting his children to sell the team when he dies.  But if you really want to know, I’m a liberal who hates Trump.  Hope that helps confirm if I easily fall for Con jobs or not.

[wegner]

3 hours ago, bmags said:

I think they should have mercy on us and propose an underground stadium. Tunnels around the city so we can walk in peace to the games without fear of being identified as the sickos we are.

Never to see the light of day. Protect the innocent.

How many generations until there is a new lineage, known as soxtalksapiens??

[caulfield12]

Isn't the biggest con job supporting billionaires in the first place...as either presidential candidates, or, for the most part, as professional sports franchise owners?

 

As far as public financing for stadium goes, you might as well be pushing for subsidies for a Chinese-owned factory in Michigan.

It's simply not possible to get it done with all the ill-will in Chicago right now. 

If anything, the city's "reputation" might be better off with just one flagship team that can leverage 100% of corporate and population resources in order to field something approximating the Midwestern Dodgers.

Edited April 14 by caulfield12

[Dick Allen]

Apparently the state and city told the Sox and Bears the hotl tax isn’t going to work by itself, they needed to come up with more. The Sox suggested the amusement tax be used to pay down the new debt, The city said that isn’t happening. So, if you’re scoring at home, Bears in Arlington Heights, Sox who knows where are still the favorites.