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Home MLB News MLB Club Sales Final Bids on Cubs Sale Due Late Sept., Early Oct.

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Final Bids on Cubs Sale Due Late Sept., Early Oct. PDF Print E-mail
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MLB Club Sales
Written by Maury Brown   
Friday, 05 September 2008 13:56
Sale of the Cubs

The final bids for the purchase of the Chicago Cubs, Wrigley Field, and a twenty-five percent stake in ComcastSports Chicago will be due at the end of September, or early October, according to a report from Reuters. Beginning this week, management presentations from the Tribune Co. and the Cubs will be made to the finalists, further outlining the assets values of the three components in the deal.

Those presentations to the five bidding groups will take approximately 2 weeks to make.

The five groups include Thomas Ricketts, chief executive of Chicago investment bank Incapital LLC and son of the founder of TD Ameritrade Holding Corp; Internet billionaire Mark Cuban; Marc Utay, a managing partner with New York-based private equity firm Clarion Capital Partners LLC; and Chicago real estate executive Hersh Klaff.

As reported late last week, the group with former Nationals bidder Fred Malek and MVC Capital Inc Chairman Michael Tokarz is not part of the final five bidders. As reported by Reuters, groups are marrying up trying to solidify their positions:

Sports Properties Acquisition Corp, which had been linked to the Malek group, is now in talks to possibly join the Cuban or Klaff groups, said a fourth source.

Any final announcement, even if arrived at during the early part of October, would most likely not be announced until after the World Series. MLB is notorious for not wishing to upstage their premier event with any announcements that might distract from the postseason.

MORE ON THE SALE OF THE CHICAGO CUBS


Maury Brown

Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer.

Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

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