The fourth richest person in the world, Warren Buffett, has an interest in becoming an investing partner in the Chicago Cubs, according to an unnamed source that wishes to remain anonymous.
The baseball team, owned by the Ricketts family, is reportedly thinking about selling a small part of the team in order to raise money to help renovate Wrigley Field and develop other real estate nearby. According to a recent valuation by Forbes, the Chicago Cubs franchise is the fourth highest in the MLB worth $1.2 billion.
The Ricketts family comes from Omaha, which is the same city that is home to Berkshire Hathaway, Warren Buffett’s holding company. Buffett has also owned a minority ownership in the Omaha Storm Chasers for 21 years. They are a minor league baseball team, and he sold his shares around two years ago. The Ricketts family is the largest individual owners of TD Ameritrade, a publicly traded securities brokerage firm that has a market capitalization of nearly $17 billion.
Besides owning Wrigley Field and the Chicago Cubs, the Ricketts family owns 25% of Comcast SportsNet Chicago. It’s a regional sports network and home to other major teams in the city, including the Chicago Bulls, Chicago Blackhawks and Chicago White Sox.
At this time, it is not clear if there are other potential investors besides Warren Buffett who have reached out to the Chicago Cubs. Since this team is one of the few franchises in baseball with brand recognition on a national scale, our unnamed source expects there to be a lot of interest in buying a piece of this team.