Frequently Asked Questions
- What is 4FansSake.com?
- What does that mean?
- How much money can I make on this?
- How much will shares cost, and how many can I buy?
- Why can't I purchase more than 1000 shares?
- What if I decide to sell my shares?
- What happens if the movement falls short?
- Can you explain the corporate stock structure?
- What happens if you make more than needed to buy the team?
- What are your goals for this movement?
- What do you see as the biggest obstacle in achieving these goals?
- Why are you confident of that?
- The Green Bay Packers? What does football have to do with this?
- How does their board work?
- So it's a viable investment in the community. it's also a challenge to the status-quo of club ownership.
- How far along in the process are you?
- What happens between now and then?
- What's that mean?
- What's the board of ownership? I thought the fans were going to own the team?
- So what will the board do?
- I want to buy some shares for my son, grandma, whomever. Do they have to be involved in voting, etc.?
- What is 4FansSake.com?
4fanssake.com is a web community set up by a group of Chicagoans working to facilitate a fan-owned buyout of the Chicago Cubs.
- What does that mean?
The Chicago Cubs are up for sale and this movement will enable fans to be able to buy shares of the team. One proven model we have studied is that of the Green Bay Packers, also owned by the community.
- How much money can I make on this?
None. this structure allows "owners" to vote on board members, depending upon the class of stock they purchase, and provides them with a certificate of ownership, but no dividends will be paid and the value of your shares cannot appreciate above the cost you paid for them.
- How much will shares cost, and how many can I buy?
Shares will cost $100 each, with no one person owning more than 1000 shares.
- Why can't I purchase more than 1000 shares?
The limit is representative of the grassroots nature of the campaign, and is a safeguard to ensure no one individual can assume control of the club.
- What if I decide to sell my shares?
You may sell them back to the governing board for what you paid, if the Board elects to purchase your shares, which it can determine at its sole discretion.
- What happens if the movement falls short?
You'll get your money back, minus a processing fee, and baseball will be forever changed.
- Can you explain the corporate stock structure?
We are working with our legal and financial teams to finalize our structure. The ownership will be largely based on the proven model of the Green Bay Packers. We anticipate two classes of stock: one class will have full voting rights, the second class will have voting rights on the sole issue of whether the Cubs franchise relocates outside of Chicago, should this situation ever arise. We also hope to have at least three owners of the second class of stock on the board of directors.
- What happens if you make more than needed to buy the team?
We're going to donate any money over the purchase price and initial operating costs to Chicagoland and local non-profit charities.
- What are your goals for this movement?
To buy the Cubs for the fans, giving them a voice in the way their team is operated and ensuring that the team stays in Chicago. We want to open a dialogue between the owners, the team and the fans, to fix the problems with baseball. we want the community to be part of the Cubs culture and vice versa, once again.
- What do you see as the biggest obstacle in achieving these goals?
Getting the owner's approval. We're just an unknown group of Cubs fans, but what that really means is that we're like every other fan out there-- we want our team to do well. We know we have to gain acceptance and approval from the owners to even buy the team, but we're confident that they will see this movement as an answer, a solution, a way to move forward from the current misqualifications in the game.
- Why are you confident of that?
because the Green Bay Packer model of fan ownership is proven to work, and Commissioner Bud Selig is on its board.
- The Green Bay Packers? What does football have to do with this?
The Green Bay Packers Foundation is the organization that controls the NFL Green Bay franchise. They are the only non-profit, community-owned major league team in the US. Accoring to www.Packers.com (http://www.packers.com/history/fast_facts/stock_history/) There are more than 112,000 shareholders, all of whom maintain minimal voting rights, receive no dividends, but have an investment in the team, similar to what we're setting up.
- How does their board work?
Much like ours would. the board is elected by shareholders, then a seven-member executive committee is chosen. this committee consists of a president, vice president, treasurer and secretary. there are three members-at-large. Other than the president, all board members provide pro-bono counsel. The president represents the Packers at NFL meetings unless someone else is designated.
- So it's a viable investment in the community. it's also a challenge to the status-quo of club ownership.
yes, but Bud Selig is on the leadership board of the Packers. He knows it works.
- How far along in the process are you?
We have submitted our request for an application to purchase the Cubs to representatives of the MLB and are waiting for their response.
- What happens between now and then?
We implement the financial institution that will set up and manage the escrow account. Our legal team is working with several established and well-known institutions on this, but we make sure the one we pick is as dedicated to our goals as we are.
- What's that mean?
We're in the process of appointing a bank (or whomever) to hold the funds and manage them as we establish our board of ownership. If they're not a good fit, we keep looking until we find the right one.
- What's the board of ownership? I thought the fans were going to own the team?
they will. Just like the Packers. We anticipate that the board wil be set up as 37 individuals with voting rights, who select 5 board members who elect one manager.
- So what will the board do?
They'll hire the individuals responsible for operating and managing the franchise.
- I want to buy some shares for my son, grandma, whomever. Do they have to be involved in voting, etc.?
Not at all. A stock certificate will be issued to their name, but they don't have to participate.