Cubs' Next Owner?

by Goat Whisperer on Jun 25, 2007 10:19 AM CDT Comment 14 comments

Here's a link to the Fortune article about a potential next owner for the Cubs.

Link: http://money.cnn.com/2007/06/25/magazines/fortune/cubs.fortune/index.htm?postversion=2007062508

From the article: "observers say that if Major League Baseball commissioner Bud Selig has his way, John Canning Jr., CEO of Madison Dearborn Partners, will be the Cubs' next owner."

This is a FanPost and does not necessarily reflect the views of SB Nation or Al Yellon, managing editor (unless it's a FanPost posted by Al). FanPost opinions are valued expressions of opinion by passionate and knowledgeable baseball fans.

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Sounds like

Bud's guy. The article does point out that the Tribune is a publicly traded company (for now) and have a responsibility to sell to the highest bidder. Bud won't be able to manipulate the process like he did with the Red Sox and Nationals.

A quick google news on his name shows, beyond the Cubs rumors and a few comments on his business, is that he's a "prominent Republican" who has been supporting Barack Obama for President. Not sure how that works.

He's also not on the Forbes 400 list, which means he's worth less than a billion dollars. He might have trouble putting together a winning bid. On the other hand, if Frank McCourt can buy the Dodgers, then anyone has a shot. But the difference is that McCourt was the only bidder (at least until very late).

by Josh77 on Jun 25, 2007 10:58 AM CDT reply actions 0 recs

Just naming this guy...

... doesn't mean he'd spend all the money himself. Like Jerry Reinsdorf, he might put together a group and be "managing general partner".

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al on Jun 25, 2007 12:13 PM CDT up reply actions 0 recs

That's true

and that's sort of what I meant with the Frank McCourt comment although McCourt simply swung the whole thing himself by mortgaging everything in sight. He's already defaulted on his payments and NewsCorp has taken his Boston property. But I didn't mean to imply that this guy would have McCourt's money problems.

Cuban, for the first time, is starting to sound like a serious player. Still a long shot, but if he's the highest bidder, MLB is going to have a hard time denying him.

But Canning does look to be the favorite.

by Josh77 on Jun 25, 2007 1:32 PM CDT up reply actions 0 recs

this reveals more than people think

We know that Jerry Colangelo has formed a group, so has John Madigan and then there is Mark Cuban's rumored entre.

The thing is what kind of bidding....and an open process meaning, the approved bidders will probably have the initial bid and then the right to increase against the first highest bid.

Cubs are going to be sold for $750M minimum and possibly an even $1B and if they get lucky and magically make it to the WS near that top.

Harry Carey: 3 & 2, 2-out, no place to put him...tying run on 3rd...winning run on 2nd...THE PITCH....HEE POOOOPPPED....IT UP!

by Ivy Walls on Jun 25, 2007 12:17 PM CDT up reply actions 0 recs

What it reveals is that

Bud Selig will ultimately have the final say on who buys the Cubs... and will surely be looking out for the interest of his friends.

1-RUN GAMES = 8-15 | EXTRA INNINGS = 1-6 | HOME = 15-20 | updated on 6/23

by SackMan on Jun 25, 2007 4:16 PM CDT up reply actions 0 recs

He will have NO trouble

putting together a group with lots of money. Never forget, the highest bidder has to gain approval of MLB, not really an easy task.

Andrew McKenna is part of his group. These guys are real heavyweights in Chicago finance.

The Trib has to find a buyer that will both pay top dollar and get approved by MLB.

by cubswin on Jun 25, 2007 2:09 PM CDT up reply actions 0 recs

This could get interesting

as to whether the Trib being a public company would impact the approval process of MLB. I don't know if this played a factor with Time Warner or Disney (both public), but if Cuban comes in at the 11th hour, and offers 100 million more than the next highest bid, the Trib would certainly want the extra 100 mil.

In reality, when you buy a team, you accept the fact that major league baseball has final approval rights on the new owner, and if that means less cash, that's the way it goes.

"I don't like them fellas that drive in two runs but let in three" Casey Stengel

by MPH73 on Jun 25, 2007 1:43 PM CDT reply actions 0 recs

Who wants this

Canning has an interest in The Milwaukee club and is a friend of Selig. McKenna was President of the team during a time the organization floundered and is in his mid 70's is supposedly among the proposed partners. And the package is being managed by a guy who was once a deputy commissioner with MLB.

And to get approval we expect Selig and Reinsdorf to look out for the best interests of Chicago. If the Canning Group ends up buying the club, we might as well turn hire Selig as its President and Reinsdorf as the GM.

The Canning "I wanna be just like Bud" Group would be a terrible choice for new owners. If we want to see the team be turned into a 100% for profit ballclub, these are your guys. Just imagine the cash sources they'd be able to create that would destroy the entire integrity of Cubs baseball.

Josh Kroeger. Remember the name. Stay tuned for the fame.

by tharr on Jun 25, 2007 2:45 PM CDT reply actions 0 recs

Umm

McKenna was team president in 1982 and 1983 and was responsible for hiring Dallas Green, Gordon Goldsberry and turning the whole organization around from the train wreck that was the last years of the Wrigley family.

I'd say that's actually an endorsement of his tenure with the Cubs. Sure, Dallas Green did most of it, but he hired Dallas Green.

by Josh77 on Jun 25, 2007 3:39 PM CDT up reply actions 0 recs

I don't recall

was McKenna also involved with pushing Green out the door, because he wanted more power?

"I don't like them fellas that drive in two runs but let in three" Casey Stengel

by MPH73 on Jun 25, 2007 3:47 PM CDT up reply actions 0 recs

No

McKenna was gone by the time Green left after the 1987 season.

That was Don Greshenko.

by Josh77 on Jun 25, 2007 4:39 PM CDT up reply actions 0 recs

McKenna is 77

and certainly is firmly aligned with the money people whose allegiance is to the bottom line. While he did hire Green, that one action hardly qualifies him as a quality leader in the baseball arena.

As we've seen the past number of years, Selig's intention is to wring every last dollar out of the fans wallets.

Wouldn't it be better for the fans to actually have an owner whose primary goal was winning and winning often?

Josh Kroeger. Remember the name. Stay tuned for the fame.

by tharr on Jun 25, 2007 8:25 PM CDT up reply actions 0 recs

Anyone who buys the team and

keeps Steve Stone out of the front office and Girardi out of the manager's role, is fine with me.

by cubswin on Jun 25, 2007 6:24 PM CDT reply actions 0 recs

Stone keeps losing credibility

the more he talks on the Score. His bitterness towards the Cubs, is really starting to shine through even more. His recommendation the Cubs sign Barrett (about a month ago) for 4 years at 10 million was it for me, and now he is backpeddling by saying Greg Maddux must have endorsed the Padres getting Barrett. How a major league pitcher could overlook his defensive liabilities is beyond me, but the Padres got him for one reason - they desperately needed right handed pop.

"I don't like them fellas that drive in two runs but let in three" Casey Stengel

by MPH73 on Jun 26, 2007 8:52 AM CDT up reply actions 0 recs