Cubs Hope To Have Sale Complete By Opening Day

by Al Yellon on Jan 14, 2009 8:27 PM CST in Chicago Cubs News

Yeah, I know, you've heard this before. But at the owners' meetings in Scottsdale, Arizona today, Chairman Crane Kenney sounded like it could actually get done:

"I'd actually like to be finished by Opening Day, have the deal done," Cubs chairman Crane Kenney told writers as the first day of the two-day owners' meetings here got under way. "We're anxious to get the season started and have a new owner in place. That would mean being able to move forward with some things that have been idling for the last two years."

To achieve that goal, Kenney will have to have the prospective owner for a franchise vetted by its ownership committee. Once approval is given by that body, it is passed on to the executive council and then to a 75-percent vote of the 30 owners. The next owners meetings are not until May.

This is entirely possible, but:

Complicating matters is the fact that the Tribune Co. filed for bankruptcy reorganization in December. Though the Cubs were not part of that filing, a bankruptcy judge will determine whether the sale of the Cubs is considered an asset to pay off creditors.

Kenney said he hopes that the court wouldn't intervene.

"[The court] could [order last-minute bids]," Kenney said. "But we've had such a long and open process with originally 10 bidders that I don't know that the court, especially in this economy, will have to do sort of a market check to see if there's a higher bidder than the one that results from the Tribune process. There have been enough bumps in this road."

Amen. Let's hope there are no more of those bumps. Time to move on and get new ownership in place, and out of the three remaining groups, my personal favorite is the Ricketts group. As always, we await further developments.

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Comments

I'm

at the point where I will be disappointed if Ricketts doesn’t end up with the club. It appears that he is the front runner.

by bheidge on Jan 14, 2009 8:35 PM CST reply actions

I like the ties

the Ricketts group has to the team. I see the Cubs like a rare gem. The owner needs to appreciate it and care for it for the next generation. As an aside, I think Zell must be looking in the mirror and going “D’oh” alot because of the Trib purchase and foot dragging on selling the Cubs.

by ChicagoRobb on Jan 14, 2009 8:46 PM CST reply actions

And it's official.

We’ve moved from the 2007 off-season of He Who Shall Not Be Named to the 2008 off-season of The Sale That Will Never Happen.

Evey Hammond: Vi Veri Veniversum Vivus Vici. V: By the power of truth, I, while living, have conquered the universe.

by dtpollitt on Jan 14, 2009 9:50 PM CST reply actions

Sold by opening day?

Of 2010 or 2011?

by ak123 on Jan 14, 2009 10:48 PM CST reply actions

THAT is the question!

Hey, it's a new century!

by cowsarecool220 on Jan 14, 2009 10:49 PM CST up reply actions

I think if Kenney...

really believes that the bankruptcy court is going to rubber stamp a billion dollar asset sale — especially given all the back story surrounding Zell’s murky attempts to structure a tax favorable deal — he should probably think about new work.

by Damen Jackson on Jan 14, 2009 11:36 PM CST reply actions

Ch. 11 court order(s)

is the wild card. Kenney and Co. can do all they want. If the court says something otherwise, I’m afraid ak123’s comment – albiet read as tongue in cheek – could actually be the case.

IMHO this is just a little nugget thrown out by Kenney to let people know they’re trying to expedite things. It should still be a hot discussion topic this weekend at 720 S. Michigan Ave.

Sweet Lou for Mayor in '11.

by blackhawk24 on Jan 15, 2009 6:42 AM CST reply actions

Crane Kenney is crazy on this one

First, the MLB owners have to take a vote on any new owner. While that should be a formality these things take time to get scheduled, etc. Second, the new owner needs to make the active financial transaction, and in this credit market environment the process could be significantly delayed. Third, the complicated sale and bankruptcy process of the Tribune Company parent is going to weigh into the equation. Maybe very significantly if parts of this deal have to go before the attorneys and bankruptcy judge.

by BLou on Jan 15, 2009 12:27 PM CST reply actions