UPDATE #1: Unconfirmed sources tell The Biz of Baseball that the Ricketts bid is approx. $900 million.
As reported earlier today, the Tribune Co. has selected the final bidder in the sale of the Chicago Cubs, Wrigley Field, and a 25 percent stake in Comcast SportsNet Chicago.
Now the question is who is the finalist and how much is the final bid?
It appears the answer is who it is not. According Reuters, Chicago real estate executive Hersh Klaff has taken a backseat to Thomas Ricketts, chief executive of Chicago investment bank Incapital LLC and the son of the founder of TD Ameritrade Holding Corp (AMTD: O); and Marc Utay, a managing partner with New York-based private equity firm Clarion Capital Partners LLC.
According to the report, the offers between Ricketts and Utay are structured differently with “Ricketts' bid including more cash up front, while Utay's offers a higher overall value.”
Reuters could not confirm, but one source said Ricketts was the preferred bidder, backing unconfirmed sources to The Biz of Baseball for months of the same.
The Chicago Sun-Times is reporting Ricketts as the selection, as well.
Tribune officials and a spokesman for the attorneys representing the creditors declined to comment, as did Utay and Ricketts. Klaff could not be reached.
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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