Ownership Structure and Corporate Entities
The Ricketts family controls the Chicago Cubs through a network of holding companies and investment vehicles. The primary ownership entity is the Ricketts family office, which manages the family's collective stake in the Cubs organization. The family acquired majority ownership of the Cubs in 2009 through a consortium that included Joe Ricketts, the founder of TD Ameritrade, and his children Tom, Laura, and Pete. The corporate structure separates the baseball operations from the broader business interests, with dedicated entities handling the stadium, media rights, and commercial partnerships. The Cubs Holdings LLC serves as the central operating company for the franchise. Forbes tracks the valuation of the franchise as part of its annual NFL and MLB team valuations.
The Ricketts family investment portfolio extends beyond the Cubs to include real estate, finance, and energy ventures through the family office. The family's wealth originated from the founding of TD Ameritrade, which was later sold to Charles Schwab in a cash and stock deal. The Cubs acquisition was structured to allow the family to maintain control while limiting personal liability through layered corporate entities. The ownership group includes both the immediate Ricketts family members and a broader network of investors who hold minority stakes. The corporate governance includes a board of directors that oversees the Cubs Holdings operations and reports to the family investment committee.
Revenue Streams and Financial Performance
The Cubs generate revenue from four primary streams: ticket sales, media rights, stadium concessions, and commercial partnerships. The team's national television deal with ESPN and the MLB Advanced Media digital platform provides a baseline revenue floor independent of on-field performance. Local television rights are managed through the Cubs Media Network, which distributes content across broadcast and streaming platforms. The Wrigley Field renovation, completed in phases between 2014 and 2019, added premium seating and hospitality areas that increased per-game revenue capacity. SEC filings for the Cubs Holdings entities disclose revenue breakdowns and operating expenses for the franchise.
Revenue growth has been driven by corporate suite sales, sponsorship agreements, and the expansion of the Cubs brand into international markets. The team's merchandise operations are managed through a combination of in-house branding and licensed product agreements. The Ricketts family has invested in digital media infrastructure to capture a larger share of the direct-to-consumer revenue from fans. The Cubs' financial performance is benchmarked against other MLB franchises using revenue per fan and operating income metrics. Forbes estimates the Cubs franchise value based on revenue multiples and comparable transactions in the sports industry.
Stadium Operations and Capital Investment
Wrigley Field remains the Cubs' primary revenue asset and the focal point of the family's capital allocation strategy. The renovation project, which cost an estimated $575 million, was funded through a combination of team revenue, city infrastructure contributions, and private financing. The Ricketts family invested personal capital into the project, with the specific allocation structured through the Cubs Holdings balance sheet. The stadium upgrades included new video boards, expanded concourses, and upgraded club facilities designed to increase per-capita spending during games. The family's long-term strategy ties the stadium's operational capacity to the team's ability to host postseason games and special events.
The Cubs' stadium operations include a dedicated team that manages event scheduling, hospitality services, and maintenance. The Ricketts family has explored additional revenue opportunities through concerts, college football games, and corporate events at Wrigley Field. The team's lease agreement with the City of Chicago defines the revenue-sharing terms and capital improvement obligations. The family's investment in the surrounding Addison Street corridor includes mixed-use development projects that generate ancillary income. Forbes reports on the stadium's economic impact and the family's broader real