It appears that the the Chicago Cubs are headed into the hands of one the hometown favorites, as Chicago financier Tom Ricketts is expected to be named the winner of the auction for the storied baseball team. Multiple press reports say that the current owner Tribune Co. chose Ricketts, the president of bond dealer Incapital LLC, as the winner with a bid rumored to be around $900 million.
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Tribune and Ricketts are now in talks on the sale, which
includes the Cubs, Wrigley Field and a stake in a regional sports
network. But working out a final price for the deal is only the beginning
for Ricketts, who will have to gain the approval of the other Major
League owners and line up financing for the purchase, which could be
tougher than winning a pennant in this environment.
However, with Tribune in bankruptcy, Sam Zell's media company can use the
money. Bids for the team were rumored to have reached as high as $1.3
billion last July and was expected to fetch $1 billion when the sale
process began nearly two years ago. However, the tightening credit
market, financial crisis and bankruptcy of Tribune have worn those
valuations down.
The $900 million price tag still makes the Cubs sale the largest in
MLB history though, easily topping the $700 million paid for the
Boston Red Sox, Fenway Park and a majority of the New England Sports
Network in 2002. -
George WhiteSee Chicago Sun Times story
