Jun 11, 2008 1:16 pm US/Central
9 Potential Buyers Receive Cubs Financial Books
Tribune Company Downplays Need For Wrigley Repairs
CHICAGO (STNG) ―
Nine potential buyers who were preapproved by Major League Baseball have received the financial books on the Chicago Cubs.
Two people familiar with the process told The Associated Press that the books went out Tuesday, with bids due back next month. The people spoke on condition of anonymity because Tribune Company is trying to keep details of the process confidential.
Two sets of books went out. One contains information on the Cubs, Wrigley Field and the regional cable TV network Comcast SportsNet Chicago. The other only concerns Wrigley, which Tribune still hopes to sell separately.
No dollar estimates were given for any assets.
The interested buyers are believed to include John Canning, Mark Cuban and the Ricketts family, all wealthy business people. Tribune has asked for responses by mid-July.
A source said the financial documents downplay the ballpark's need for renovations.
A source said the offer book on Wrigley Field is more than 300 pages.
While Tribune wanted to sell Wrigley separately to a state agency, arguing that its tax base could fund ballpark renovations, the company took a different tack in its book. A source said it conveys the message that, "If we didn't put a penny into the stadium, it would be fine for 20 years."
Others close to the situation said the documents urge bidders to consider separate packages for the team and the park. They said it strongly suggests Tribune, led by property mogul Sam Zell, wants a distinct ownership group to take over the park.
"There seems to be a strategy of forcing people to consider new partnerships," one insider said.
The team-ballpark package could be worth $1 billion, according to experts. Baseball owners must approve the deal and there could be a confrontation with Zell if anyone outbids the Canning group, which is believed to have the support of baseball Commissioner Bud Selig.
The Associated Press contributed to this report.
(Source: Sun-Times News Group Wire © Chicago Sun-Times 2008. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
Video: CBS 2's Picks To Click
