By Lou Aguila (staff@latinospost.com) | First Posted: May 03, 2013 09:52 AM EDT

The Chicago Cubs would reportedly consider moving from Wrigley Field if the City doesn't approve the $300 million renovation plan for the iconic ball park, Cubs Chairman Tom Ricketts said on Thursday.

Perhaps the only remaining relic of baseball's glory day, Wrigley Field has been the subject of debates regarding whether or not the ballpark needs renovation.

The Cubs management has been pushing for a ballpark facelift  to accommodate more viewers and add more profit generating amenities and establishments within the Wrigley Park vicinity. Mr. Ricketts wants the new Wrigley Field to have a 6,000 square-foot video board, extended beer sales, expansion of the adjacent club, 40 more night games and a nine-story luxury hotel.

However, the renovation proposal has not been approved due to concerns of the city officials and its neighboring establishments about a change in impact density and an increased public safety concerns in the area.

Moving to another ballpark would also be a bad idea for the Cubs on the financial perspective because the Wrigley Field is forever tied with the ballclub's rich history.

"The Cubs have always marketed Wrigley Field, and they reaped the benefits. From a fan's standpoint, it would probably take a lot of marketing to switch them to somewhere else," says Ted Cox, a long-time Chicago sports journalist and author of "1,001 Days in the Bleachers: A Quarter Century of Chicago Sports."

Meanwhile, independent baseball club Schaumburg Boomers expressed their interest in hosting the Cubs home games if renovations fall through.

President and general manager Andy Viano said they offered the best options for the Cubs because of their cheap seats and foods. The most expensive ticket in the ballpark is worth $10 while a 20-ounce beer and a hotdog cost a combined $7 only.

"We did this to have some good-natured fun," Viano told ESPN on Thursday. "It's a good way to tell people what we have to offer."