Chicago Cubs Fans, never say never. Over the weekend, Bardan Azari of Cherry Picker Investments told me that a couple of his clients might be considering making a run at piece of history.
Just when you thought the unimaginable couldn't happen, on August, 17, 2011, the next best opportunity to being able to buy the Chicago Cubs is coming available to you. The Lakeview Baseball Club, pictured above in the photo from the Cook County Assessor's site, is going to be sold via foreclosure auction and Bardan Azari will be there to see it happen.
For die-hard Cubs fans, the building is known as the rooftop which overlooks Wrigley's right field and displays two signs written in Latin. Now, if you are like me and didn't study Latin in school, then you didn't have any idea what they said either.
When I consulted a few published sources, I learned that “Eamus Catuli,” purportedly means “Let's go little bears,” and “AC0266102” corresponds to AC standing for "Anno Catuli," Latin for "Year of the little bear," and then the numbers represent the years since the franchise last won a division title (02), a National League championship (66) and a World Series (102).
For all of those financial types out there, Lakeview Baseball Club borrowed money from First Personal Bank who provided a $2.8-million loan and the another $350,000 loan. Additionally, there are three other creditors who are supposedly owed $715,334, according to the foreclosure judgment entered July 8 in Cook County Circuit Court.
The Chicago Cubs win loss record is 43 - 65 (40% win rate) and 16.5 games out of first place in the Central Division in the National League, per ESPN.com
Applying a little math, if you take the 40% win rate of the Chicago Cubs, one might say that the rooftop could be bought for 40% of the total debt or $1.55 million....Granted, most of us cannot write a check for that amount of money, but that's a lot smaller check than what was necessary to purchase the whole franchise which the Rickett's family recently did.
So, who knows Cubs fans, you could finally be a winner!
No matter what happens, there are losers and there are the Chicago Cubs. Only this time, its seems that First Personal Bank gets to join the ranks of the Chicago Cubs, but at least the Cubs have the Rickett's family backing them up....not so sure about First Personal Bank, of Orland Park, Illinois. But, possibly some crazy Cubs fans, might just bid enough at the foreclosure auction to payoff First Personal Bank's delinquent loans.
Michael Hobbs, President, PahRoo Appraisal & Consultancy
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