Chicago is My Home

08
Jul

Tribune Co. Sets July 18 as Deadline For Bids For Chicago Cubs, Wrigley Field

Author: Adam Fendelman, Category: Business

CHICAGO – The Tribune Co. in Chicago has set July 18, 2008 as the date for the first round of bids for the Chicago Cubs baseball team, according to a Tuesday report by Crain’s Chicago Business.

Any sale must meet the approval of Major League Baseball (MLB) and bidders have been approved in advance by the league. The Tribune Co. said earlier in 2008 it would put the baseball team and its storied Wrigley Field up for sale in an effort to raise money and pay off the company’s hundreds of millions of dollars in debt.

Tribune Co. CEO Sam Zell has explored options to sell the Cubs and Wrigley Field separately. Analysts estimate that the two assets – together with its stake in sports cable television – could bring in close to $1 billion.

By Megan O’Neil