Consortia led by Tom Ricketts, the CEO of Chicago investment bank
Incapital; private equity dealmaker Marc Utay of Clarion Capital
Partners; and Chicago real estate executive Hersh Klaff have
all entered offers,
according to a Reuters article. A group headed up by
Jim Crane, the former CEO of freight-forwarding company EGL, may also be
in the mix as well, the report said.
Conspicuously missing from the bidding process was Internet billionaire
Mark Cuban, the flamboyant owner of NBA basketball's Dallas Mavericks. Fans
had hoped that the free-spending Cuban would buy the team and hopefully
bring in a raft of high-priced stars. Unfortunately Cuban, who is
currently tied up
fighting insider trading charges, has not been part
of the process for months, according to Reuters' sources. Cuban's $1.3
billion bid in an early round had previously put him at the front of
the pack.
Cuban was previously quoted as saying that Zell is "crazy" for trying to sell the team now because it may be worth far less than the initial bids, which reportedly reached $1 billion. With Cuban out of the race, the price tag for the team could fall as low as $850 million. Current owner, the Tribune Co., is selling the team, its stadium
Wrigley Field and a 25% stake in a regional sports TV network. -
George White
See Reuters storySee Dealscape post on Cubs auctionSee Dealscape post on Cuban charges
It may be the middle of football season, but baseball's Chicago Cubs are winning big as the team reportedly has three bidders lined up to buy the storied franchise.
