CRAIN’S CHICAGO BUSINESS reports via the SUN-TIMES that the Tribune Co. has finally settled on a buyer for their pitifully performing yet very popular & profitable Cubs club. And the winner is … Thomas Ricketts!
Tommy’s winning bid is rumored to be in the $900 million range, beating out offers from other such luminaries as Hersch Klaff and Marc Utay. But just because Ricketts has apparently come out on top, it doesn’t mean that the deal is a … um, done deal:
A number of factors could yet derail a sale to Mr. Ricketts. He and Tribune likely will spend several weeks hammering out contract terms before the media company submits its proposal to Major League Baseball, where at least 75% of team owners must approve of the deal.
The sale also could get hung up in bankruptcy court. Although the Cubs were not included in Tribune’s Chapter 11 filing last month, the banks saddled with Tribune’s $12 billion in debt will want to review terms of the deal and could even seek more bids if they aren’t convinced that Tribune Co. CEO Sam Zell is getting top dollar.
We know what that means - there’s still hope for Mark Cuban yet!