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 More rumors than ever are circulating around the auction for the storied Major League Baseball team the Chicago Cubs.Reuters reported today that Tribune Co. has agreed to a higher bid with private equity investor Marc Utay only 24 hours after the bankrupt media company agreed to terms to sell to the Ricketts family. However, industry sources -- including a Tribune spokesman -- insist that a final deal with either party has not happened. "We have not reached an agreement on terms with any party," said Tribune spokesman Gary Weitman in an e-mail. Utay declined to comment. It is not known what the exact financial terms of Utay's reported bid are, but Reuters says it is a "higher price but less cash upfront" than the Ricketts' offer, but industry sources say they are doubtful that's the case. Utay has shown great interest in the team since the auction for it started in 2007. On Monday, the Ricketts family and Tribune agreed on the final terms for a $900 million deal that would let it purchase the Cubs from the bankrupt Tribune. The term sheet still requires approval from the bankruptcy court and Major League Baseball. (The Deal Pipeline subscribers can read the full story here.) Utay, or anyone for that matter, can still submit bids since the exclusive negotiating window between the Ricketts and the Cubs has already expired. With that said, Utay's chance of winning the auction are remote unless the Ricketts' deal falls apart -- a scenario sources said is unlikely to happen, which could leave the Ricketts family winning the game while Utay waits for his at-bat. - Demitri Diakantonis
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