Cubs Most Profitable Team in MLB, Forbes Reports

Even after losing 101 games in 2012 and failing to win a world series in over a century, the Chicago Cubs have been ranked as the most profitable team in Major Leagues Baseball in Forbes' annual report.

The survey shows the Cubs’ operating income in 2012 was $32.1 million, with the Baltimore Orioles coming in second at $30.1 million. That’s compared to the neighboring Milwaukee Brewers, who snagged $9 million in operating income.

Forbes’ survey also shows the Cubs are ranked fourth in terms of franchise value. They’re now worth $1 billion, 14 percent more than last year. The team trails the New York Yankees, Los Angeles Dodgers and Boston Red Sox.

Cubs Chairman Tom Ricketts says since the Ricketts Family purchased the team from the Tribune Co. in 2009, he would put all profits back into the Cubs, the Chicago Sun-Times reports. He adds that even if payroll decreases, the operations budget would still snag the same percentage of the pie.

The report comes on the heels of the annual Wrigley Field meeting where the Cubs and Ald. Tom Tunney (44th) say a deal has yet to be reach regarding the slew of changes proposed in Lake View.

The Ricketts Family says they're willing to foot the $300 million Wrigley renovation bill without taxpayers, as well as invest $200 million more into Lake View, if neighborhood restrictions are eased. Among them are parking and safety issues.

Forbes notes in its report that the Cubs make about $4 million annually from the Wrigley Rooftops deal.

Tunney, however, remains adamant about moving forward with the Cubs in negotiations, saying in his Thursday night newsletter he doesn't want to rush into a deal yet. 

"While many residents are in favor of the stadium renovations and a hotel on the current McDonalds site, there are still several community concerns that need to be addressed before a plan can move forward," Tunney said in the statement. "The Lakeview community has continuously asked to see a comprehensive remote parking plan, updated traffic studies, increased post game security, and a complete signage proposal."