The Chicago Cubs should have millions coming their way after Wrigley Field was designated as a national historical landmark Thursday. The Ricketts family, who owns the team, originally filed for the honor seven years ago, according to ESPN’s Jesse Rogers.
With the move, Wrigley Field becomes only the second ballpark to be considered a national historic landmark, joining Fenway Park.
Wrigley Field has been designated as a National Historic Landmark, affirming its significance to the city of Chicago, professional sports and American history and culture.
A Hall of Fame recognition that will preserve the Friendly Confines for generations of fans to come. pic.twitter.com/6AD5MUtLNF
— Chicago Cubs (@Cubs) November 19, 2020
Wrigley Field was built in 1914. The Ricketts family just completed a massive $1 billion renovation on the park. Wrigley Field still had to qualify for national historic landmark status after that renovation, which is likely why it took seven years for Wrigley Field to receive the honor. National landmarks can lose their designation if they change too much during renovations. That happened to Soldier Field — where the Chicago Bears play — after the team renovated the stadium in 2006.
Cubs stand to make millions off Wrigley Field’s landmark status
With the designation, the Ricketts family will likely receive millions back in tax credits. When Fenway Park was designated a national landmark, the Boston Red Sox received roughly $40 million back in tax credits, according to ESPN.
“The designation means millions of dollars — about $40 million — to the Red Sox organization. The designation makes the Red Sox eligible for federal tax credits equal to 20 percent of certain funds spent on the stadium preservation and renovations — even though they occurred over the past 10 years. The team was already eligible for a 20 percent state tax credit, worth another $40 million, $11 million of which it received during the course of renovations. Future renovations also could receive tax credits.”
The Cubs should be in for similar tax credits. Whether the team will use that money to improve its roster in 2021 remains to be seen. The Cubs cut payroll in 2020, and could look to continue that trend in 2021 as some key players continue to receive raises in arbitration.
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