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May 13, 2008 6:51 pm US/Central

Zell Rejects State Plan To Buy Wrigley Field

Tribune CEO Wants To Stick To Plan Of Selling Ballpark, Cubs Together

CHICAGO (CBS) ― It looks like Wrigley Field won't end up in the hands of the state.

CBS 2's Kristyn Hartman reports Sam Zell and his Tribune Company own the team and the ballpark. The Illinois Sports Facilities Authority offered up a $400 million dollar proposal for just the ballpark that included selling seat rights.

"That promise of up-front payments would allow the state to borrow money to pay for renovations for the field," said reporter Mike Colias of Crain's Chicago Business.

But the plan struck out. Cubs Chairman Crane Kenney said "While we appreciate the creativity of the latest IFSA proposal, it does not work from Tribune's or the Cubs' perspective."

Colias says that's what every potential owner Crain's has spoken with would prefer a packaged deal, buying the team and the field.

Kenney says Tribune is moving ahead to package the stadium together with the ballclub in a private sale. Outside experts believe the sale could fetch as much as $1 billion for the media conglomerate.

Kenney told the Associated Press that the company' is moving the private sale process forward and expects to get the financial books to buyers within the next two weeks.

Experts say there are about a half dozen potential bidders.

CBS 2's Kristyn Hartman and the Associated Press contributed to this report.