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Thursday, November 19, 2020

Ricketts family gets a landmark tax break on Wrigley Field just in time to gut the Cubs

But there’s always an endgame, and with Wrigley on the precipice of gaining landmark status, they’re becoming clear. There’s a pretty immense tax credit that comes along with it, namely 20 percent of the costs of the improvements.

It’s a little hard to figure out just how much that will be, but when Fenway gained that status it was worth $40 million in credits to them, and that was eight years ago. The Cubs have claimed that all of their development work cost them $1 billion, but a lot of that was for the neighborhood around Wrigley, which might not apply. But you can be sure they’re going to claim as much as they can of that $1 billion went into the park, though. Even if half of that total was spent on the park itself, and that’s not a stretch, that’s some $100 million in credits going back to the Cubs. You can do the math all the way down from there. Which just so happens to be around the amount the Cubs are claiming they lost in the 2020 season. Even if that’s spread over a few years, it’s certainly a welcome and lovely injection.

RoyalsRetro (AG#1F) Posted: November 19, 2020 at 01:37 PM | 2 comment(s) Login to Bookmark
  Tags: cubs, tom ricketts

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   1. Tin Angel Posted: November 20, 2020 at 12:17 AM (#5990077)
This is what America is all about- small independent businessmen getting some tax breaks from the government so they have a chance at success and the American dream.
   2. RoyalsRetro (AG#1F) Posted: November 23, 2020 at 03:19 PM (#5990879)
LOL

@MLBastian
Ricketts: National Historic Landmark status for Wrigley Field tax benefits will not impact the Cubs' baseball budget


@cdgoldstein
Things that impact the budget: We gotta service the debt we racked up buying up a bunch of buildings

Things that don't impact the budget: a nine-figure windfall for getting landmark status because of the actual baseball team history

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