Final Cubs Bids by Thanksgiving

by Emelie on Nov 10, 2008 4:26 PM CST Comment 16 comments

So reports the Tribune:

Tribune Co. has asked bidders for the Chicago Cubs to submit new offers before Nov. 27, Thanksgiving day, according to two people involved in the negotiations.

The bids have to include details on how the prospective buyers will finance the purchase of the team. Chicago-based Tribune, which also owns the Chicago Tribune and other media properties, also is looking to sell Wrigley Field and a 25 percent stake in Comcast SportsNet, a regional sports network. Before the financial crisis gripped Wall Street, the package was once valued at more than $1 billion.

Sam Zell's Tribune is seeking a heavily leveraged deal to minimize the capital-gains tax for the company. The company bought the Cubs and the landmark stadium for $20.5 million from the Wrigley family in 1981.

Full story here.

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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Just because bids are due by Thanksgiving...

doesn’t mean anything will happen then, or even in the near future after that.

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

by Al on Nov 10, 2008 4:30 PM CST reply actions 0 recs

How long did it take Zell to buy the Trib and all its holdings anyway?

Okay, just so I understand it... in your wildest fantasy, you are in hell. And you are co-running a bed and breakfast with the devil.

by bren on Nov 10, 2008 4:55 PM CST reply actions 0 recs

Quite some time, IIRC...

… more than a year.

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

by Al on Nov 10, 2008 5:15 PM CST up reply actions 0 recs

From day 1 to close

was over 15 months.

Sweet Lou for Mayor in '11.

by blackhawk24 on Nov 11, 2008 6:21 AM CST up reply actions 0 recs

gee - I posted this exact fanpost...

…and got yelled at for some reason. So I deleted it.

"Just win tonight" - derv

by derv on Nov 10, 2008 5:08 PM CST reply actions 0 recs

Who yelled at you?

This is on-topic and timely. Sorry you got dissed.

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

by Al on Nov 10, 2008 5:16 PM CST up reply actions 0 recs

Here's my dream scenario...

…which of course means it will never happen. But given my dislike of BudLite, it’s sure nice thinking about it.

Let’s say next round of bids comes in, Cuban’s the leader again but numbers are nowhere near what Zell wants. Plus even though Zell loves a good fight, he’s not enthused about a protracted legal battle with MLB. Meanwhile Zell is also starting to rethink this whole Tribune thing. So Zell and Cuban keep talking…

Zell figures out what the magic price is for a controlling interest in the Tribune, or heck, maybe to sell the whole thing. Cuban gets together with other business entities that would be interested in the non-Cubs part of Tribune, they form some kind of partnership and buy the Tribune and Cuban gets put in charge of the Cubs.

I understand in the current environment how Bud & his cronies have veto power over who buys a team, but in that same “this is America dammit” spirit, seems to me it’s only fair that Zell can sell his company to whoever he wants, FCC, FTC, etc. restrictions notwithstanding.

So Mr. Cuban, I say to you… Make No Small Plans! Buy The Whole Damn Thing!

Lou Brown: "My kinda team, Charlie, my kinda team..."

by ballhawk on Nov 10, 2008 6:26 PM CST reply actions 0 recs

Tribune Company...

… lost almost $122 million in the last quarter. The company is in serious trouble. Even the broadcast divisions lost money.

Sam Zell made a big mistake buying Tribco. I think Mark Cuban is smarter than that.

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

by Al on Nov 10, 2008 7:01 PM CST reply actions 0 recs

well naturally he wouldn't be offering anywhere near what Zell paid for it

Even though Tribco is in the dumper big time, the pieces still have to have some value. Figure out what that is, and then see how close it is to Zell’s “Eh, I’ve had enough – time to get the hell out” price.

Lou Brown: "My kinda team, Charlie, my kinda team..."

by ballhawk on Nov 10, 2008 7:59 PM CST up reply actions 0 recs

Zell is in greater need of pawning off other Tribco assets versus the Cubs

Cubs are chump change in the grand scheme of the assets Zell is trying to move.

McGrath: I got a good deal on those boys. The scouts said they showed a lot of promise.
Reggie Dunlop: They brought their f***in' TOYS with 'em!
McGrath: Well, I'd rather have em playin with their toys than playin with themselves.
Reggie Dunlop: They're too dumb to play with themselves. Boy, every piece of garbage that comes into the market and you gotta buy it!

by MDBNIU on Nov 10, 2008 8:09 PM CST up reply actions 0 recs

Baltimore Sun is high on that list

Could cover his ass for the Jun-’09 payment.

Sweet Lou for Mayor in '11.

by blackhawk24 on Nov 11, 2008 6:24 AM CST up reply actions 0 recs

Trade that paper for Roberts?

Facts are meaningless. You could use facts to prove anything that's even remotely true! --Homer J. Simpson

by Shanghai Badger on Nov 11, 2008 7:10 AM CST up reply actions 0 recs

You can get the entire O's team + Camden

for the price the Sun will fetch.

Sweet Lou for Mayor in '11.

by blackhawk24 on Nov 11, 2008 8:00 PM CST up reply actions 0 recs

Bids due mean only a little bit

The sale is going so slow I fear we’ll be right back here this time in 2009 and the sale still won’t be complete.

The economy is so chaotic right now its almost laughable. Hey if Zell waits any longer maybe the folks from the left will bail him out too.

Sweet Lou for Mayor in '11.

by blackhawk24 on Nov 11, 2008 6:23 AM CST reply actions 0 recs

I'm thinking

in terms of bailouts GM and the estimated 2.1 mil workers that would be otherwise displaced would be the bigger priority. And I don’t think if it happens it will come from any specific direction — geographical or otherwise.

by StevenABQ on Nov 11, 2008 1:41 PM CST up reply actions 0 recs

Zell F'd himself

Very bad timing. He could have gotten top dollar at the beginning of the year but waited way too long (thanks to Bud?). He bought into the newspaper business at the time that it was dying. His best assets are the TV stations and the Cubs. IF he was smart he would split the company, put the newspapers into bankruptcy or dump them and keep the good assets and help them grow (real estate around Wrigley is one area where he could play in a field that he knows).

The TD Ameritrade folks? Do they really have the money now? Who would trust the financial community at this point? Cuban is smart as usual. He knows that Zell is hurting bad and is lowering the price.

I want my Macias!

by wombat on Nov 11, 2008 9:49 AM CST reply actions 0 recs