Tribune Co. may be close to Cubs sale

[Posey H8er]

http://www.chicagobreakingnews.com/2009 ... -zell.html

Tribune Co., owner of the Chicago Cubs, is close to selecting a winning bid for the team from three finalists, according to people familiar with the sales talks.

The Chicago-based media conglomerate has been evaluating bids since the beginning of December and could make a decision within a week to 10 days, sources said. But one source cautioned that the process of narrowing the auction to one bidder could still be derailed, and Tribune Co. could pull the team and its landmark stadium off the market.

The company, which is controlled by Chicago real-estate mogul Sam Zell, also has not held firm to past deadlines. Zell had previously said he hoped to select a winning bidder by the end of 2008. A Tribune Co. spokesman declined to comment Monday night.

[SportsWorld]

This means we will wait another 5 months. Can you believe the Cubs have been for sale since this board was created 2 years ago?

[hermes]

is it still expected to be over a billion dollars, or has that changed with the economy the way it is?

thats probably got to be the most ever spent to acquire a team

[hermes]

link

BlogMaverick - Mark Cuban attempted to buy the Cubs, but the franchise is nearly certain to be sold to another party. Cuban thinks his reputation as a free spender in the NBA hurt his chances.

"My dedication to winning could also make my job of getting approval with MLB baseball much harder," writes Cuban. "Some people thought it meant that I would spend on players like I did in my early days with the Mavericks. Back before I learned that sometimes GM's put keeping their jobs ahead of trying to win championships. But thats another story for another time. I had no intentions of trying to outspend the Yankees or Red Sox. There was no reason to. I didnt have to beat either of those teams unless I made it to the World Series. The only teams I had to be better than were those in the National League, and more importantly, those in my division. There were no big spending rivals close to home, so the AL East could spend themselves silly. My plans were to spend to win, not to spend for spending’s sake. IMHO, the money I could save being in the 2nd tier of payroll could be invested in scouting and development. I made this clear to any and all of the owners that I spoke to across the league. Of course that didnt stop some from trying to convince some owners otherwise."

[GYBE]

IMHO, the money I could save being in the 2nd tier of payroll could be invested in scouting and development.

Let's hope the new owners feel the same way. I'd like the Cubs to find more of a balance between spending on free agents and spending on international development, above-slot draft picks and the farm system.

[SportsWorld]

Some bios on the final 3:
http://www.chicagotribune.com/business/ ... 4205.story
Tom Ricketts

Resume: Family patriarch J. Joe Ricketts became an online-stock-trading leader by founding the Ameritrade discount brokerage in Omaha. Forbes estimates the family's wealth at $2.6 billion. The bid's point person is son Tom Ricketts, who moved to Chicago in 1983 to attend college and lives in the suburbs. Two siblings, Laura Ricketts and Todd Ricketts, live in the Chicago area. The fourth, Pete Ricketts, lives in Omaha and ran for the U.S. Senate in 2006.

Business style: Tom Ricketts wanted to make it on his own and never worked at Ameritrade, now TD Ameritrade Holding Corp. A market maker at the Chicago Board Options Exchange and finance executive before starting investment bank Incapital LLC.

Cubs connection: Tom Ricketts grew up watching the team on WGN. Once lived in an apartment above a bar across the street from Wrigley Field. Met his wife in the bleachers at a Cubs game.

Personal: Undergraduate and MBA degrees from the University of Chicago. Married, with five children.

Quote: "There are a lot of people in this world that would say Tom Ricketts is their best friend," said Curt Conklin, a college roommate who has worked at Ameritrade and Incapital. "If you wanted to go have a beer, Tom was there."

Marc Utay

Business style: During the 1990s put together leveraged buyout deals in media, telecommunications and entertainment for investment banker Wasserstein Perella. A director of IMAX Corp., the large-format film company. Said to have bid on two hockey franchises without winning either.

Cubs connection: Grew up a Cubs fan in Glenview. Admires how the Boston Red Sox owners have expanded the franchise's entertainment and sports assets. His investor group includes media investor Leo Hindery, who once ran YES Network, the New York Yankees' TV channel.

Personal: Attended New Trier West High School; Rahm Emanuel, President-elect Barack Obama's chief of staff, was a classmate. On debate team and was associate editor of school newspaper. Graduated in 1977. Undergraduate and MBA degrees from the Wharton School at the University of Pennsylvania.

Married attorney Mindy Gildin of Long Island, N.Y., in 1988; two sons. Mother, Florence Utay, lives in Lincolnshire.

Quote: "He was a bright guy, a debate team guy, very opinionated," said high school classmate Ed Sherman, a former Chicago Tribune sports reporter.

Hersch Klaff

Resume: A South African who moved to Chicago in the 1970s and made his money in real estate, buying distressed retail properties. Formed Klaff Realty LP in 1982 and amassed properties in the Loop. Bought shuttered stores from Kmart, Montgomery Ward, Albertson's and Mervyns.

Business style: Low profile. But an aggressive dealmaker who works with private-equity firms such as Lubert-Adler Real Estate Funds and Cerberus Capital Management LP.

Personal: Graduated from the University of Witmatarsrand in Johannesburg with a degree in economics and accounting. Klaff and his wife, Avril, opened their Glencoe home in September as part of a Museum of Contemporary Art fundraiser, hosting a tour of their collection of South American and Israeli art, accompanied by a poolside Brazilian buffet.

Sports background: An avid soccer fan. A boxer in his youth while doing a required stint in South African Air Force. An exercise devotee who has been known to bicycle between meetings with papers tucked in a backpack.

Quote: "He loves nothing more than a good sweat," said longtime friend and fellow South African Eric Joss. Klaff often invited Joss to sit courtside at Chicago Bulls games during Michael Jordan era.

[GYBE]

Hmm. I'm not too wild about this Klaff guy. A "low profile" business style (I read that as unlikely big spender) and an avid soccer fan?

[hermes]

i'm pulling for Ricketts

[Howling Mad]

We've had several lists of prospective buyers, and all the lists seem to be different. How it ended up being being a couple chicago guys, and a media guy isn't surprising.

Without mentioning the names right now we have

Candidate #1 : A finance guy, banker

Candidate #2 : A finance guy, specializing in media

Candidate #3 : A real estate mogul

Two guys are Chicago guys - wonder how much that makes a difference?
I also wonder how much influence does the Wrigleyville elite have in the decision?

Here they are...

Joe Business man - construction mogul, owns bars, real estate, and several rooftops

Jim Business man - owns a grocery store chain, owns a bar and rooftops, small ownership in the stl cardinals, rumored to be in the greek mafia, and dating Dutchie Carey.

Bob and Bill Business man (brothers) - both are lawyers, one is a high profile financial lawyer, big time contributors of political campaigns (R)

Alderman business man - Like it says, west of Clark, north of Addison

John business man - banking mogul,

Those are the people that rule Wrigleyville. 5 of those 6 are board members at John's bank. Bob is the financial lawyer for John's bank. Joe goes to John's bank for his construction projects and is their best customer. Jim's large grocery store accounts are with John's bank. Alderman, Bob, Bill, Jim, and John are all board members at John's bank.

If I had to put a bet on it, I'd say they're rooting for Candidate #1. He's a local guy, lives in the burbs(assuming the north side). I'm also going to assume Candidate #1 hangs out in the same circles as some of the Wrigleyville guys, being familiar through financial circles and Chicago local business circles.

[IbreakNeckZ101]

i like the #1 Candidate he seems like he grew up around the cubs and c'mon he met his damn wife at a cubs game... #3 candidate looks like he's in it for the $$$$ low profile?? i don't see anywhere in his profile where it mentions the cubs as being part of his life..

[cubzfanatic120]

I think it probably end up being Tom Ricketts cuz not only is he a life time cubs fan but he also lives in Chicago. Also it sounds like he's got deep pockets. Hopefully he will give Jim more flexibility as far as payroll is concerned. Hopefully the sale will happen in time for Jim to pull the trigger on Peavy trade.

[Posey H8er]

Tribune bankruptcy delays Cubs sale

http://www.ft.com/cms/s/0/8e356554-de7e ... ck_check=1

It's a small delay, but nothing unexpected. We've been waiting 2 long years for this to happen.

[SportsWorld]

Bidding for Chicago Cubs extends past deadline
http://www.chicagotribune.com/business/ ... 1060.story

The never-ending auction hasn't ended.

Tribune Co., owner of the Chicago Cubs as well as the Chicago Tribune, was pushing prospective buyers to submit their final bids for the team, Wrigley Field and related assets by the end of last week. But the media company was flexible with the deadline, said people familiar with the discussions.

As one source said Monday, "In an auction you are always given the opportunity to improve your bid one last time."

Yet the finish line remains near. The last-minute jockeying likely will delay the selection of a winning bid by a few days, sources said.

[SportsWorld]

I guess David Kaplan is reporting a new owner is expected to be announced in the next 48 hours. Maybe tomorrow.

[ChronicKerr]

Cuban!!!!

[SportsWorld]

http://online.wsj.com/article/SB123215141730692075.html

After a nearly two-year process, Sam Zell and Tribune Co. plan to name a winning bidder for the Chicago Cubs by the middle of the coming week, according to two people involved with the bidding.

Tribune, which last month filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code, has a board meeting scheduled for early in the coming week where executives handling the sale of the baseball franchise plan to review the competing bids and recommend a winning party.

If the board accepts the recommendation, Tribune will then inform the bidders and the different entities in the bankruptcy case about the decision

[WAYSA]

I guess David Kaplan is reporting a new owner is expected to be announced in the next 48 hours. Maybe tomorrow.

David Kaplan knocks another out of the park.

WTF

How long has this sale been going on? I cannot even recall now.

I actually cooled on the Cuban thing after hearing about how he would probably jack up ticket prices. And his comment about only needing to be the best team in the NL Central & not spending money like the big boys.

[SportsWorld]

I guess David Kaplan is reporting a new owner is expected to be announced in the next 48 hours. Maybe tomorrow.

How long has this sale been going on? I cannot even recall now.

It was announced the Tribune company would be selling the Cubs back in April 2007. I remember it was one of the first topics at this board. Amazing that this team has been for sale about as long as this board as existed.

[Posey H8er]

I think Zell is to blame. Every deadline gets extended so he can squeeze every dollar more out of the new potential owner. I have little faith that this will be resolved anytime soon.

[Posey H8er]

After a nearly two-year process, Sam Zell and Tribune Co. plan to name a winning bidder for the Chicago Cubs by the middle of the coming week, according to two people involved with the bidding.

Link

I'll take this new report with a grain of salt. This process has been ridiculous.