Sam Zell On The Sale Of The Cubs

by Al Yellon on Jun 27, 2008 12:35 PM CDT

On CNBC this morning, Sam Zell was asked whether he really wants to sell now, or wait to see if they win a championship this year:

"The answer is that as far as I'm concerned I announced we were going to sell the Cubs. I'm thrilled with how well the Cubs are doing. I think that there's somebody out there who really wants to hold that trophy and I hope this is the year we get that trophy and I'm planning to find that guy."

For what it's worth.

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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Interesting..

the sooner we get a new guy the better, but i do like how he has told Hendry to do whatever it takes this season!!

"Go Cubs Go"

by mkcubs21 on Jun 27, 2008 12:41 PM CDT reply actions

Am I missing something?

It doesn’t sound like he answered the question.

''Listen, losing Soriano is no box of chocolates.'' ~Lou Piniella

by JohnM on Jun 27, 2008 12:53 PM CDT reply actions

It was a politician's answer.

But if he’s looking for “somebody out there who really wants to hold that trophy and I hope this is the year we get that trophy and I’m planning to find that guy.” That says, to me, that he’s looking to sell yesterday.

I'm thinking you weren't burdened with an overabundance of schooling, so why don't we just ignore each other til we go away.

by neverAcquiesce on Jun 27, 2008 12:56 PM CDT up reply actions

I'm the Guy!!

I want to hold that trophy! I just don’t have a billion dollars. What a bummer.

A baseball game is simply a nervous breakdown divided into nine innings. ~Earl Wilson

by tucsoncubsfan on Jun 27, 2008 1:02 PM CDT reply actions

Here's an article

about how much financial trouble Zell is in.

He’s got to sell. He could wait until the offseason, as the next debt payments don’t come due until June of next year. But I don’t think he wants to risk that. He doesn’t care about getting himself a World Series ring. He cares about staving off bankruptcy.

It's a girl! Born 1-18-08. 2246 PST. 8 lbs. 1 oz.

by Josh Timmers on Jun 27, 2008 1:07 PM CDT reply actions

Nice link - Thanks

Yes, he needs to sell.

Cubs Win!! Cubs Win!

by Ihatethecards on Jun 27, 2008 1:20 PM CDT up reply actions

However, the article also says:

Zell told analysts in a call earlier this month that the cash-strapped company will be able to meet its debt obligations for this year, partially because of the pending $650 million sale of its Newsday newspaper to Cablevision Systems. Tribune is on the hook for about $1 billion per year in loan payments. In the call, Zell said he expects bids on Tribune’s Chicago Cubs and Wrigley Field in the next few weeks, the sale of which could bring as much as $1 billion.

Which means he COULD wait till 2009.

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

by Al Yellon on Jun 27, 2008 8:30 PM CDT up reply actions

Let me add

Zell wants to sell the Tribune Tower and Times Mirror Square in LA. We all know now is the time to get rid of your real estate holdings, because the market is so strong.

Zell is in serious financial trouble.

It's a girl! Born 1-18-08. 2246 PST. 8 lbs. 1 oz.

by Josh Timmers on Jun 27, 2008 1:12 PM CDT reply actions

Couldn't happen to a nicer guy

by bluekoolaide on Jun 27, 2008 2:10 PM CDT up reply actions

Which makes it even more surprising that he'd have wanted Tribco in the first place.

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

by Al Yellon on Jun 27, 2008 8:31 PM CDT up reply actions

All of his debt problems are Tribco's problems.

When he bought out Tribco, all of Tribune’s debt went into default. This isn’t a surprise to Zell in the least; he knows what he’s getting into.

I has a blog.

by cwyers on Jun 27, 2008 8:40 PM CDT up reply actions

I wonder why he did it, then.

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

by Al Yellon on Jun 28, 2008 4:07 AM CDT up reply actions

Because he's arrogant enough

to think he can fix all of the Tribune’s problems. He actually made them a lot worse.

Of course, it isn’t like he put much of his own money into this. If he defaults, its the employees of the Tribune, their pension funds and other people who own Tribune stock that will suffer. Zell will take a hit, but he’ll still be an incredibly rich man.

It's a girl! Born 1-18-08. 2246 PST. 8 lbs. 1 oz.

by Josh Timmers on Jun 29, 2008 2:20 PM CDT up reply actions