Cubs Sale Update: Ricketts Exclusive Window Has Closed

The Biz of Baseball is reporting that Ricketts and Zell continue to negotiate the sale of the team, despite Ricketts' exclusive negotiating window having expired a week ago.

Ricketts appears to be trying to lower his price from $900 million to about $850 million, per the article.

over 2 years ago Bill Potter 6 comments 0 recs |

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My understanding was that the holdup is how much is financed

Not so much the asking price. Zell wants more financed to avoid capital gains taxes, and Ricketts wants to pay more in cash.

I'm singing, "GO CUBS GO! GO CUBS GO!" -- DrCrawdad on Jun 12, 2009 7:23 AM CDT

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

by Shanghai Badger on Jun 12, 2009 12:22 PM CDT reply actions

No one

is going to give Zell more than what Ricketts offered in this economy.

Barring a statement from Sam Zell, I don’t think this is much of a story. Yet. Stay tuned, however.

by Josh Timmers on Jun 12, 2009 12:34 PM CDT reply actions

If Zell...

… decides to open up the bidding, as Josh says above, he will wind up with less money.

Zell, despite his apparent smarts in making billions in real estate, has made mistake after mistake since buying the Tribune. It’s his own fault, and to expect others to fix those mistakes is just plain wrong.

"You can observe a lot just by watching." ~ Yogi Berra

by Al Yellon on Jun 12, 2009 5:27 PM CDT reply actions

my understanding of the ~$50M difference

is related to the exclusiveness of the TV rights to ‘GN/CSN after it expires. TribCo wants to keep ’GN/CSN installed as exclusive broadcasters where upon expiration, Ricketts wants to be able to auction the TV rights. In other words IIRC, Ricketts is saying if you’re [TribCo] are going to force how the TV rights contract reads, I want $50M taken off the price tag. If you [TribCo] will let me negotiate my own TV contract once the current one(s) expire, then you’ll get your full $900M.

Sweet Lou for Mayor in '11.

by blackhawk24 on Jun 13, 2009 12:30 PM CDT reply actions

this doesnt sound right/fair

the Trib is basically saying since we own WGN, we arent going to sell you the team unless you assure us we can still have the cable rights, that would be like Disney selling ESPN but saying we still get to broadcast your games on ABC and you cant sell them to CBS/NBC

Go Cubs Go, Fly Eagles Fly, http://twitter.com/mlbtrivia

by ManBearPigMBP on Jun 13, 2009 3:46 PM CDT up reply actions