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Tribune Company Might Only Sell 50 Percent Of Cubs

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Nov 7, 2008 8:49 am US/Central

Tribune Company Might Only Sell 50 Percent Of Cubs

Credit Crisis Has Made Full Purchase Of Team Difficult

CHICAGO (CBS) ― The Tribune Company has been trying to sell the Cubs for more than a year and a half, but now it appears the company may only be able to sell half the team.

The Wall Street Journal has reported that the credit crisis has made it harder for buyers to come up with enough money to purchase the team. Thus, the media giant is looking to sell just 50 percent of the team and keep 50 percent.

The value of the team has been estimated at nearly $1.5 billion. Earlier this year, several finalists were named as possible buyers for the team, among them Dallas Mavericks owner Mark Cuban.

The Tribune has been selling assets to pay down more than $12 billion in debt.

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