The Cubs Sale Thread

[Outshined_One]

I believe Madison Dearborn has been hit pretty hard by the credit crunch. Canning and his group might not have the available resources to put in a billion dollar bid for the Cubs.

 

Deliberately under-bidding for something like this is an absolutely stupid idea, especially considering how Zell has emphasized he wants this done in a tight time timeframe. Canning coming back to him in a week with an extra zero attached to the bid isn't going to look above water on Canning's part, know what I mean?

 

Good to see Cuban has moved on, though! I'm very curious as to the identities of the other bidders.

[CubbieBum]

Also, I think the pink hat guy was going to submit a bid too.

 

He was in a group though, right? Was it Canning's group?

 

No, he was his own group. I forgot his last name. Anixter I think? Also Levin is still in the mix I think (the owner of the Wolves)

 

My gut feeling is that Levin's the favorite in this...a local guy who's already had success in the sporting arena. Just a hunch, nothing more

 

I don't think I'm the favorite I have about 30 dollars to my name right now.

[RonnieWooWooSanto]

Also, I think the pink hat guy was going to submit a bid too.

 

He was in a group though, right? Was it Canning's group?

 

No, he was his own group. I forgot his last name. Anixter I think? Also Levin is still in the mix I think (the owner of the Wolves)

 

My gut feeling is that Levin's the favorite in this...a local guy who's already had success in the sporting arena. Just a hunch, nothing more

 

I don't think I'm the favorite I have about 30 dollars to my name right now.

 

You might be able to get a Neifi Perez birthday party appearance with that.

[inari]

This is probably going to be done before the offseason starts up, right? If he owns the Cubs in time to bid on free agents, I think CC Sabathia is going to get an absurd amount of cash thrown at him.

[NCCubFan]

I'd be interested on RedIvyCub's take on it now, especially whether she thinks Cuban's chances have gone up with Canning apparently out of the picture.

[Joe_Cub]

just read ivychat

[Amie]

so Canning is out and they are down to 3 bidders (or so i've been told). Any idea who the 3 are?

 

I should mention that the article says that there is a chance Canning can still make a stronger bid to show they are serious and get back in the race. I am guessing because of Selig's support for Canning, he should still be considered in the race. That said, I am really surprised their bid is that low. Maybe the ground doesn't want it as much as we thought?

 

Or Selig told him to underbid as punishment for the Cubs recent pissing off of MLB.

 

 

The Cubs not excepting Cannings bid must have really pissed Selig off. Perhaps enough to fine the Cubs a cool half mil on that draft violation. :-k I've heard that clubs are rarely actually fined for those violations. [-(

[shnsajax]

I would say this is good news.

[BRASKYS SCOTCH]

I believe Madison Dearborn has been hit pretty hard by the credit crunch. Canning and his group might not have the available resources to put in a billion dollar bid for the Cubs.

 

Deliberately under-bidding for something like this is an absolutely stupid idea, especially considering how Zell has emphasized he wants this done in a tight time timeframe. Canning coming back to him in a week with an extra zero attached to the bid isn't going to look above water on Canning's part, know what I mean?

 

Good to see Cuban has moved on, though! I'm very curious as to the identities of the other bidders.

 

 

Well, they dumped all their money from their private equity funds into Univision in a club deal, forcing them to go back to their investors and start up another fund just recently and less than two years after their biggest fund to date. The credit crunch has undoubtedly affected their ability to take on and leverage debt, but throwing all their money in early and then trying to drum up more from the same investors w/ no significant returns to show is foolish. Canning himself can make up a lot of ground in the bid, but I doubt he wants to take the risk.

[UK1679666180]

If Canning and his group are struggling to keep up with other potential investors, the odds of them being able to maintain or surpass the current level of expenses concerning payroll and other issues directly impacting the product on the field is likely minimal.

 

I'll be glad if their group is eliminated from prospective buyers, espec. with the past relationship with Canning and Selig.

[Brett]

Seems like if I'm Canning, and I know I've got the inside track with the MLB higher ups, I have no reason to outbid everyone. I lowball, find out what the bids are - heck, I might even let them say they've "eliminated" me - and then I go to my friends in high places, and reconfigure my bid. Just enough to win.

 

I'm not saying it will happen, but I'm still nervous.

[RedIvyCub]

I am a bit shocked at this turn of events. History tells me that MLB hooks Canning in with one of the current survivors of the cuts who isn't Cuban. This way the bid get increased by the group and hence that group becomes the highest bidder. There is another reason I don't want Cuban to get this team...I get the impression that he is going retain some of the higher ups (Kenney and co) and they need to go.

 

http://www.chicagotribune.com/business/chi-thur_cubs_auction0724jul24,0,4637280.story

[ctcf]

viewtopic.php?f=2&t=49935

[Guest]

If Canning and his group are struggling to keep up with other potential investors, the odds of them being able to maintain or surpass the current level of expenses concerning payroll and other issues directly impacting the product on the field is likely minimal.

 

I'll be glad if their group is eliminated from prospective buyers, espec. with the past relationship with Canning and Selig.

 

Yeah, this wouldn't be good.

 

--------------------

 

http://www.reuters.com/article/ousivMolt/idUSN2328665720080724

 

Advancing:

 

Mark Cuban

Andrew Mursten (Sports Properties Acquisition Corp) - teaming up with another of the approved bidder groups, according to one of the sources, who declined to identify the group

Tom Ricketts (Incapital LLC)

Michael Tokarz (MVC Capital Inc MVC.N) - the Tokarz group includes Fred Malek, who previously bid on the baseball team in Washington.

 

Eliminated:

 

John Canning Jr. (Madison Dearborn Partners)

Don Levin (owner of the Chicago Wolves minor league hockey team) - bid under $1 billion dollars

[C.C.]

This is probably going to be done before the offseason starts up, right?

 

I read this Morning that it'll drag out until November.

[RedIvyCub]

I'm surprised more people don't talk about this on the board. Oh well, can't get everything you want. I really hope Mark Cuban gets his bid awarded and becomes the new owner of the Cubs. He is the ideal guy for the job at a time like this. One thing is for sure, if Cuban does buy the team (say for $700 to $900 million), you know everyone is gonna be wiped out from a front office perspective. Good bye Jim Hendry, good bye Crane Kenney, good bye Mark McGuire (you suck btw)! Why do you think McDonough left right away as soon as he got his offer from the B'Hawks? Because of a situation like this. Please Mark Cuban! 8-[

 

Not sure you realize Crane Kenney and Mike Lufrano are already sucking up to Cuban to keep their jobs. It's why you don't want Cuban on board among a myriad of other reasons. Why would you say Mark McGuire sucks? What has he ever done to you?

 

McDonough left because they would not give him a guaranteed contract that would protect him when the new owner took over. McDonough was to naive to realize that he was made President over McGuire for a reason...to be the sacrificial lamb. McGuire is safe either way you look at it by being left as the EVP of Business Ops.

 

Bottom line, MLB will align Canning with the most palatable group that is not Cuban. This way that group can easily be the highest bidder and the problem is solved. Similar to the Red Sox situation and how they added John Henry to the group to up the bid.

Edited July 24, 2008 by RedIvyCub

[Transmogrified Tiger]

This thread was started a week ago, since it came first and was still active I merged yours with it. The post you're referring to is just a couple up on this page.

[RedIvyCub]

Wasn't there another well known name besides Cuban and Canning that was going to bid? One with Chicago ties? Or am I crazy?

 

Does Ricketts have Chicago ties?

 

Also, I think the pink hat guy was going to submit a bid too.

 

Pink hat guy as you call him is Jim Anixter. He wasn't allowed to buy the team last time it was up for sale and he won't be allowed to buy it this time. Let's say if it came down to him and Cuban, baseball would be happy to sell to Cuban. Anixter is a complete lunatic.

[Soul]

So all we need to do here is figure out a way to make Cuban the last man standing, then MLB has no choice right?

 

Cool!

[Banedon]

Wasn't there another well known name besides Cuban and Canning that was going to bid? One with Chicago ties? Or am I crazy?

 

Does Ricketts have Chicago ties?

 

Also, I think the pink hat guy was going to submit a bid too.

 

Pink hat guy as you call him is Jim Anixter. He wasn't allowed to buy the team last time it was up for sale and he won't be allowed to buy it this time. Let's say if it came down to him and Cuban, baseball would be happy to sell to Cuban. Anixter is a complete lunatic.

 

I always smile when I see him behind home plate though. Dunno why.

[RedIvyCub]

Also, I think the pink hat guy was going to submit a bid too.

 

He was in a group though, right? Was it Canning's group?

 

I'm not sure who's group he was in. I just know he was putting together a group.

 

He is in with Thomas Mandler and supposedly Billy Williams is a part of this group.

[RedIvyCub]

I'd be interested on RedIvyCub's take on it now, especially whether she thinks Cuban's chances have gone up with Canning apparently out of the picture.

 

Absolutely not. Canning will be in another group that is a finalist and isn't Cuban or Anixter. Going to play out like things did in Boston and Washington.

[RedIvyCub]

This thread was started a week ago, since it came first and was still active I merged yours with it. The post you're referring to is just a couple up on this page.

 

Yeah, realized that after I started reading, Tiger. My bad. I was going with the title of the thread which had been changed.

[RedIvyCub]

Wasn't there another well known name besides Cuban and Canning that was going to bid? One with Chicago ties? Or am I crazy?

 

Does Ricketts have Chicago ties?

 

Also, I think the pink hat guy was going to submit a bid too.

 

Pink hat guy as you call him is Jim Anixter. He wasn't allowed to buy the team last time it was up for sale and he won't be allowed to buy it this time. Let's say if it came down to him and Cuban, baseball would be happy to sell to Cuban. Anixter is a complete lunatic.

 

I always smile when I see him behind home plate though. Dunno why.

 

If his group wins, feel bad for every unattached single person in the office especially the women who are the same age as his sons.

;)

[USSoccer]

 

Not sure you realize Crane Kenney and Mike Lufrano are already sucking up to Cuban to keep their jobs. It's why you don't want Cuban on board among a myriad of other reasons. Why would you say Mark McGuire sucks? What has he ever done to you?

 

McDonough left because they would not give him a guaranteed contract that would protect him when the new owner took over. McDonough was to naive to realize that he was made President over McGuire for a reason...to be the sacrificial lamb. McGuire is safe either way you look at it by being left as the EVP of Business Ops.

 

Bottom line, MLB will align Canning with the most palatable group that is not Cuban. This way that group can easily be the highest bidder and the problem is solved. Similar to the Red Sox situation and how they added John Henry to the group to up the bid.

 

Other than your own personal bias towards them as individuals, why is it that Kenny and Lufrano "need" to be replaced?