Almost every report about this Toyota Sign that the City Council is going to approve next week says it is worth about $2.5 million per year. And I'd be willing to bet that of those Cubs fans that are actually OK with the decision most think it is worth it for that amount of money. That is $2.5 million that can be used to A. bring in more talent to win or B. update Wrigley Field. Mr. Ricketts and his staff sure make us all think it is worth it. He said “It is a considerable amount of money. It is money that we can raise without changing ticket prices or charging more for food. It’s the right way to bring more revenue to the park.”
But here is the problem. Turns out that that Toyota Sign probably isn't worth $2.5 million per year. After talking to a few local newspaper men - that were kindly enough to write me back - it sure does look like it is worth about a third of what we've been believing. There is at least enough here to raise my doubts.
A Sun-Times reporter wrote - "One expert says up to $2.5 million a year. Others say $2.5 million over three years. Cubs haven't revealed for sure."
A Tribune reporter wrote - "Tom Ricketts told me the Toyota sponsorship was worth $2 - $2.5 million over three years."
A gentleman at Crain's Chicago Business wrote - "I think this is one of those things that got reported once, on unnamed sources, and has simply been repeated over and over. I've always reported $2+ million per year."
Another Crain's reporter wrote - "I believe is $2.5 over 3 years. That seems low to me considering all the fuss it is causing. I initially thought it was $2 million per year, but have been since told otherwise."
So - my question is: How many of you would support putting up that giant advertisement for only $800,000 a year? I don't see how that is going to help bring in talent or do much to renovate Wrigley Field.
I'll tell ya - personally I thought it was just a drop in the bucket before, and not worth it. But this - this is beyond peanuts. I don't agree with Mr. Ricketts that this is a considerable enough amount of money. Not sure what amount would make it worth all this trouble, but the equivalent of Alfonso Soriano's salary for 7 games ain't it. I've said it before - that advertisement is going to be standing in the outfield a heck of a lot longer than he will be. It's probably gonna be standing there long after I'm gone as well.
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