Cubs propose renovations for Wrigley Field

04/17/2013 9:24 AM ET
By Matt Hughes

Iconic Wrigley Field has been home to the Cubs since 1916.(AP)
The Chicago Cubs have announced a $500 million plan to renovate iconic Wrigley Field. 

As reported by CBS Sports, the Cubs' renovation plans include a new clubhouse, more night games, a new 175-room hotel, extended beer sales and a new 6,000-square-foot video screen. Despite its charm as baseball's second-oldest ballpark, Wrigley Field has antiquated facilities for the players and fans. The renovations are anticipated to create a major revenue boost for the Cubs, which team chairman Tom Ricketts said would be invested back into the team on the field. 

"If this plan is approved, we will win the World Series for our city," said Ricketts.

The Cubs haven't won the World Series since 1908 and haven't played in the Fall Classic since 1945.

A possible sticking point in the renovation plans is the team's agreement with the local rooftop owners. The proposed video board and other signage could block views onto the field. The rooftop owners have a long-standing agreement with the Cubs in which they pay the team 17 percent of their revenue from ticket and concession sales. With 11 years remaining on the current contract, the rooftop owners are concerned about not being involved in discussions about the renovations with the team and city.

Ricketts added that the team has a long way to go in their negotiations with the rooftop owners but the framework for a deal with the city has been approved by Mayor Rahm Emanual. The proposed renovations do not include taxpayer funding. 

Wrigley Field was built in 1914 and has been the Cubs' home ballpark since 1916. Famous for its ivory-covered brick outfield walls, the old ballpark has been an integral part of Cubs lore and was the site of Babe Ruth's famous "Called Shot" in the 1932 World Series.

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