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Zell’s Cubs Auction Narrows
Most candidates to buy the baseball team, stadium and television stake—in parts, or all together—have been eliminated, leaving as few as three.
July 31, 2008
Although it is unlikely that Major League Baseball will sign off on the sale of the Chicago Cubs until after this season—perhaps, given the team’s late surge, their first championship year in a full century—Tribune owner Sam Zell has already ramped up efforts to sell the team and is eliminating bidders.
The team could be sold separately from its property and 25% stake in its television broadcast outlet, or they could be sold jointly, according to an individual familiar with the matter.
In a story earlier reported by sports network ESPN, among the remaining bidders are Mark Cuban, the owner of the National Basketball Association’s Dallas Mavericks; the Ricketts family, which founded the online brokerage that is known as TD Ameritrade; and Sports Acquisition Holding Corp., which lists among its ranks former baseball home run king Hank Aaron and former Congressman Jack Kemp.
The company declined to comment on which bidders remain; the ESPN report also stated that bidders from the first round who were eliminated will not be permitted to submit second round bids.
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