According to, well, itself, the Tribune may choose a buyer for the Cubs within the next two weeks:
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.
This is the first I’ve heard of that bolded portion. I’m not sure what it means, but it doesn’t sound like the most promising aspect of the deal to me. It will be nice to have the new owners identified, though, and maybe that would move along a resurrected Peavy deal, or any deal, for that matter. But there’s another interesting bit here:
Once the winning bid is chosen, the deal is far from completion. Tribune Co. plans to enter into negotiations with the prospective buyer to work out a sales transaction. Tight credit markets make it more difficult to obtain loans to finance a transaction that could approach $1 billion.
One, it appears that despite the credit crunch, despite hints of an economic depression, the Cubs may yet fetch the $1 billion dollar price tag that only a few predicted possible. Two, it also appears that even when the buyer has been chosen, the deal is far from over, so we’ll probably be batting the sale around for most of the year. Yeesh. On the other hand, it appears to me a bit untoward that a corporate entity seeking to leverage the maximum profit from a business deal would report on that business deal in this manner. I mean, it’s not as if the Tribune had to go too far to get word on the sale from Tribune sources. Letting the public know a decision is close, well, that’s fine and good, but mentioning the expected payout, well, that just seems tacky, at best, and a bit underhanded, at worst.





1. MB21 (view all comments) — Jan 05, 2009 @ 10:55 PM
There is no chance whatsoever that that happens. Zell needs money. He needs to sell the team, or at the very least a large part of it. The team will be sold.