Here we go again (Cubs Sale)

According to the Chicago Tribune: Tribune Co is close to selecting a winning bidder for the Cubs.

about 3 years ago derv 9 comments 0 recs |

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May it please be the Ricketts family

by BLou on Jan 5, 2009 10:00 PM CST reply actions

Agreed.

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

by Al Yellon on Jan 6, 2009 4:35 AM CST up reply actions

I dont think it had been publically announced who the finalists were...

Chicago real-estate investor Hersch Klaff; the Ricketts family, founders of online brokerage TD Ameritrade Holding Corp.; and a group led by Marc Utay, a New York private-equity investor who grew up in Chicago.

"Just win tonight" - derv

by derv on Jan 5, 2009 10:08 PM CST reply actions

Well, this is an odd part of the article...

But one source cautioned that the process of narrowing the auction to one bidder could still be derailed, and Tribune Co. could pull the team and its landmark stadium off the market.

Off the market? That’d be news.

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

by Al Yellon on Jan 6, 2009 4:34 AM CST reply actions

I truly find that difficult to see happening

unless the Trib will be sold in its entirety, Cubs and all, to a very wealthy group that can afford to absorb the Tribs debts as well.
With the economy being what it is, I see this s next to impossible.
Unless Zell goes to Congress for a bailout.
Barring that, I can only see that if they wish to start over later, but I would hate to see the Cubs as part of a liquidation sale.

by chrisw95 on Jan 6, 2009 9:55 AM CST up reply actions

Hmmmm

I have wondered how the Cubs and Wrigley have been out of the Bankruptcy proceeding. If it were to fall into the Bankruptcy proceeding… katie bar the door.

by frustratedfan on Jan 6, 2009 9:47 PM CST reply actions

They can't just "fall" into the bankruptcy proceeding.

I don’t profess to know a lot about how that works. But I do know they have been specifically EXCLUDED.

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

by Al Yellon on Jan 7, 2009 4:19 AM CST up reply actions

However

I cannot see a court caring whether the Trib wanted the Cubs to be excluded or not.
They would still liquidate as it is still an assett that the Trib currently owns.
I do know there are differences between corporate bankruptcy and individual, but the banks, especially in the current ecenomic state, will take what they can.
Whether the Cubs can be specifically excluded from a bankruptcy liquidatioon process, remains to be seen.
But lets hope it won’t come to that and the Cubs will be sold to an owner who has a fat wallet and isn’t afraid to spend to build a winner and keep the fans happy.

by chrisw95 on Jan 7, 2009 10:51 AM CST up reply actions

Interesting

I would not hold breath on the official sale happening anytime soon. It could well be the case that the sales process is postponed once more given the impact of the recession on market values coupled with the credit crunch. We have no idea whether any or all of the three suitors intends to finance the purchase of the Cubs via a heavy debt load. Until there is more clarity on that subject this thing could drag out for a long time.

by BLou on Jan 7, 2009 3:47 PM CST reply actions