It’s only been a week since the Cubs received their 2016 World Series Championship rings and to be honest with you, I can’t stop looking at them. The detail on each ring, in my opinion, separates it from other championship rings that I’ve seen in the past but when you also factor in the century long wait just to get the ring itself, it’s a big part of why I think these rings are little tokens of excellence.
$70,000 little tokens of excellence that is.
The players were the first to get their rings and were already sharing what they would do with them before they even received the diamond encrusted beauties. But what about the thousands of other people affiliated with the Cubs that also received a ring? The Cubs gave out 1,908 rings and pins to everyone from high-level executives to the scoreboard operator to the National Anthem singer and the bulk of these people are not living multi-million dollar lifestyles like the players on the field.
So if some of those employees are struggling financially, why not sell the ring? I mean, $70,000 is a lot of money to turn down because you love the Cubs. The option of selling their World Series ring was something Cubs management saw being an issue so they had a plan in place before Cubs employees received their rings.
The organization asked all non-players to sign a document agreeing to give the team the right to buy back the ring for $1.
The Chicago Sun-Times obtained a copy of the document that employees were asked to sign. Cubs GM Jed Hoyer was also asked to sign the document and didn’t mince words when he was asked what he thought about the document.
“I signed that thing willingly.”
Well no shit Jed, when you have a six-figure salary, you’re probably never going to struggle financially.
Here’s some insight on the memo.
“We regret the formal nature of this memo, and we do not intend for this information to overshadow our joy in being able to provide this ring to you,” the memo states. “However, we think it is important to communicate this information to you.”
Those planning to sell “or otherwise transfer your ring,” must give the Cubs written notice of “the proposed transaction and a complete accounting of the terms.”
There’s more: “If the Cubs elect not to purchase the ring, then you may transfer it according to the terms you provided to the Cubs; however, each subsequent owner shall also be bound by these terms in the event of a subsequent proposed sale or other transfer.”
The memo makes an exception for rings that are given as gifts — say to a child, spouse or grandchild.
So to break that down, if you’re struggling for money and are looking to sell your ring, you have to notify the Cubs in writing that you want to sell. They then have the option to give you $1 for the ring or if they choose not to buy it back (which would never happen) you are free to sell the ring as you wish.
As a Cubs fan, it’s easy for me to sit here and act like I’d never consider selling the ring because I love the Cubs however, appraisers say they could fetch anywhere from $50,000 to $250,000 on the open market.
Unfortunately, if you signed the document to get your ring, those dollar values are obsolete. Instead of getting $50,000 for the ring, you’ll be getting a crisp one dollar bill from the Chicago Cubs.