The Cubs Sale Thread

[vance_the_cubs_fan]

I asked this before and didn't get an answer so I'll ask again and hope that it hasn't been repeated a lot... but, when might we expect to hear the new ownership announced?

 

I thought I read this Morning November.

 

That's when they hope to finalize the sale. My guess is that by September we might have a front runner and know whose name Trib will submit to MLB for final approval.

[David]

A year ago, a thread titled like this one with the most recent information added would've seemed like a miracle (aside from the fact that the team should've been sold already according to what we knew at the time).

[Butterscup1679666578]

George Offman is reporting on the Score that Cuban's bid was the highest. That Cuban says he "won't be outbid", and that there's a school of thought that MLB will allow him to buy, because they're afraid that Cuban and the Tribune Co. would sue MLB, and that it could threaten their anti-trust exemption.

 

Does Cuban have a group or is he sole owner. I know he got 2 billion for selling broadcast.com, but is he willing to dump 50 percent of his worth into a baseball team?

 

I wouldn't be surprised if he puts the Mavericks up for sale if he's able to buy the Cubs.

 

This is what I was thinking too.

 

I actually remember reading awhile back that if he bought a baseball team his wife would divorce him, haha.

[vance_the_cubs_fan]

George Offman is reporting on the Score that Cuban's bid was the highest. That Cuban says he "won't be outbid", and that there's a school of thought that MLB will allow him to buy, because they're afraid that Cuban and the Tribune Co. would sue MLB, and that it could threaten their anti-trust exemption.

 

Does Cuban have a group or is he sole owner. I know he got 2 billion for selling broadcast.com, but is he willing to dump 50 percent of his worth into a baseball team?

 

I wouldn't be surprised if he puts the Mavericks up for sale if he's able to buy the Cubs.

 

This is what I was thinking too.

 

I actually remember reading awhile back that if he bought a baseball team his wife would divorce him, haha.

 

Maybe he already has sights on another wife too then.... :-"

[Bote McBoteface]

Probably the second girl in your signature.

[Guest]

http://www.chicagobusiness.com/cgi-bin/news.pl?id=30319

 

This was touched on in the Reuters story though we didn't know who Sports Properties was teaming up with. Andrew Mursten is the leader of the Sports Acquisitions group.

 

Tribune Co. has asked two contenders for its Major League Baseball franchise to join forces, says a source.

 

The media giant wants MVC Capital Inc. Chairman Michael Tokarz to combine his bid for the Chicago Cubs, Wrigley Field and related assets with Sports Properties Acquisitions Corp., according to a person familiar with the process.

 

The combination would result in a stronger bid because of the pair’s “complementary strengths,” including Sports Properties’ baseball connections and Mr. Tokarz’s deep pockets, the person said.

 

Sports Acquisitions, a publicly traded New York-based company formed this year for the express purpose of buying a sports team, is led by former Washington Nationals President Tony Tavares; baseball legend Hank Aaron is on the board. Mr. Tokarz, a former partner in private-equity giant Kohlberg Kravis Roberts, had the higher bid.

[Laura]

George Offman is reporting on the Score that Cuban's bid was the highest. That Cuban says he "won't be outbid", and that there's a school of thought that MLB will allow him to buy, because they're afraid that Cuban and the Tribune Co. would sue MLB, and that it could threaten their anti-trust exemption.

 

 

:yahoo: :yahoo: :yahoo: :yahoo:

 

Awesome news. I get giddy thinking about Cuban owning this team.

 

Wowzers, very cool to hear! :amen:

[imb]

By JEREMY HERRON

AP Business Writer

NEW YORK (AP) — Tribune Co. is inviting at least three potential buyers who each submitted bids for the Chicago Cubs and Wrigley Field near or above $1 billion to participate in a second round of proposals, according to a person involved in the process.

Several bidders offering between $700 million and $900 million for all the properties have been excluded from the second round, according to the person, who spoke on condition of anonymity because of nondisclosure agreements governing all talk about the bids.

A Tribune spokeswoman said the baseball team would not have any comment on the status of the sale, which also includes the team’s minority stake in a Chicago regional sports TV network.

 

Included in the second round are Internet billionaire and Dallas Mavericks owner Mark Cuban; the Ricketts family, which founded the brokerage that is now TD Ameritrade Holding Corp.; and a group led by Sports Acquisition Holding Corp. that includes former baseball home run king Henry Aaron and former Republican Congressman Jack Kemp. The last group is believed to be teaming with another bidder who submitted an offer in the initial round.

All three of the reported potential buyers refused Thursday to comment publicly. However, the person involved in the bidding provided to The Associated Press an outline of the conditions for the second round.

[Butterscup1679666578]

So it's down to 3 then? This is getting exciting.

[Guest]

So it's down to 3 then? This is getting exciting.

 

No, it's between 3 to 5 because they aren't sure how some groups might be combined.

[Outshined_One]

Either way, the mention groups when it came to the other candidates, but not Cuban.

 

Even if Cuban's worth $2.8b, most of that is almost certainly money he could not easily liquidate and use to buy the Cubs.

 

My guess is he has a handful of minority investors and people providing finance who haven't been publicly named.

[UK1679666180]

Either way, the mention groups when it came to the other candidates, but not Cuban.

 

Even if Cuban's worth $2.8b, most of that is almost certainly money he could not easily liquidate and use to buy the Cubs.

 

My guess is he has a handful of minority investors and people providing finance who haven't been publicly named.

 

I wouldn't be surprised if he owned 51% or whatever to indicate that he is the outstanding shareholder.

[RedIvyCub]

What's wrong with Crane Kenney sticking around?

 

He has no baseball acumen and he doesn't understand the business. This is a position of vanity for Kenney and he doesn't seem to realize he has been kicked to the curb by Zell either since there is a new General Counsel for Tribune Company.

[RedIvyCub]

Why somone would have a beef against Kenney is beyond me.

He is the Antithesis of Andy McFailure.

 

Real mature. Do you know either of these guys? I do. One seems to have two WS rings that he won as the GM of the Minnesota Twins.

[RedIvyCub]

I'm still pulling for Cuban...and I know you have your connections and such, and not to be dismissive, but I haven't heard anything that makes me think he doesn't have a shot at this point.

 

With Zell, maybe but not with MLB. It requires approval by 75% of the ownership as you probably already know. Look at what happened in Boston with the sale of the Red Sox.

[USSoccer]

What's wrong with Crane Kenney sticking around?

 

He has no baseball acumen and he doesn't understand the business. This is a position of vanity for Kenney and he doesn't seem to realize he has been kicked to the curb by Zell either since there is a new General Counsel for Tribune Company.

 

Based on what?

[USSoccer]

Why somone would have a beef against Kenney is beyond me.

He is the Antithesis of Andy McFailure.

 

Real mature. Do you know either of these guys? I do. One seems to have two WS rings that he won as the GM of the Minnesota Twins.

 

Oh god the ironing of the post is delicious.

[RedIvyCub]

This wording

 

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.

 

Makes me think it's just Cuban, or that he has the vast majority of the stake.

 

Wikipedia says Cuban has a net worth of 2.8 billion.

 

Cuban is the figurehead similar to Reinsdorf with the Sox exception being that Cuban would not be holding a minority interest as Reinsdorf does.

Edited July 24, 2008 by RedIvyCub

[Transmogrified Tiger]

I'm still pulling for Cuban...and I know you have your connections and such, and not to be dismissive, but I haven't heard anything that makes me think he doesn't have a shot at this point.

 

With Zell, maybe but not with MLB. It requires approval by 75% of the ownership as you probably already know. Look at what happened in Boston with the sale of the Red Sox.

 

The Red Sox weren't being sold by a public company.

[RedIvyCub]

I asked this before and didn't get an answer so I'll ask again and hope that it hasn't been repeated a lot... but, when might we expect to hear the new ownership announced?

 

I thought I read this Morning November.

 

Dang. I was hoping there was a chance it might be within a couple of weeks.

 

A couple of weeks in impossible. I don't think many realize what is involved in the sale of a ballclub.

[USSoccer]

I'm still pulling for Cuban...and I know you have your connections and such, and not to be dismissive, but I haven't heard anything that makes me think he doesn't have a shot at this point.

 

With Zell, maybe but not with MLB. It requires approval by 75% of the ownership as you probably already know. Look at what happened in Boston with the sale of the Red Sox.

 

The Red Sox weren't being sold by a public company.

 

One which needs the liquid capital.

 

And the more I think about it the more I doubt that MLB could drum up a 75% "No" vote if Cuban were the highest bidder. It's counter to the owner's best interests.

[RedIvyCub]

http://www.chicagobusiness.com/cgi-bin/news.pl?id=30319

 

This was touched on in the Reuters story though we didn't know who Sports Properties was teaming up with. Andrew Mursten is the leader of the Sports Acquisitions group.

 

Tribune Co. has asked two contenders for its Major League Baseball franchise to join forces, says a source.

 

The media giant wants MVC Capital Inc. Chairman Michael Tokarz to combine his bid for the Chicago Cubs, Wrigley Field and related assets with Sports Properties Acquisitions Corp., according to a person familiar with the process.

 

The combination would result in a stronger bid because of the pair’s “complementary strengths,” including Sports Properties’ baseball connections and Mr. Tokarz’s deep pockets, the person said.

 

Sports Acquisitions, a publicly traded New York-based company formed this year for the express purpose of buying a sports team, is led by former Washington Nationals President Tony Tavares; baseball legend Hank Aaron is on the board. Mr. Tokarz, a former partner in private-equity giant Kohlberg Kravis Roberts, had the higher bid.

 

Of the groups I have seen listed as finalists, this is the one I see Selig aligning Canning with as being the most palatable. Only other possibility would be the Ricketts but suspect this other group has more cash available.

[RedIvyCub]

What's wrong with Crane Kenney sticking around?

 

He has no baseball acumen and he doesn't understand the business. This is a position of vanity for Kenney and he doesn't seem to realize he has been kicked to the curb by Zell either since there is a new General Counsel for Tribune Company.

 

Based on what?

 

The guy knows zip about the game on the field nor the business side of the game. Based on what? First hand experience.

 

When Dennis FitzSimons was promoted to CEO of Tribune Company, the logical progression was for the new head of Broadcasting (this is the umbrella that the Cubs are under) would be over the Cubs just as FitzSimons took over for Dowdle when he retired at the end of 1999. That would be Pat Mullen (since "resigned effective immediately" from Tribune and is now the GM of Fox 32). Tribune didn't want Mullen getting his hands on the Cubs. Corporate structure prevented the Cubs reporting directly to the CEO so they needed a middle man so to speak. Said middle man was Crane Kenney (now former SVP Legal and General Counsel of Tribune Company). There was a reason few heard of him when he was given this responsibility before the 2003 season or until McDonough was crowned the "king". Kenneyt was kept at arms length by FitzSimons and was rarely consulted on anything. Technically, the Cubs still did report to the CEO of the company. This is why it was utter crap when he told the media when the O's were in town to play the Cubs (yes, he was the unnamed Tribune Executive) that Andy MacPhail left money on the table because he wasn't there so he had now idea. The only reason Tribune started spending is because they knew they were selling. It was also why MacPhail left when he did...of his own volition.

[RedIvyCub]

Why somone would have a beef against Kenney is beyond me.

He is the Antithesis of Andy McFailure.

 

Real mature. Do you know either of these guys? I do. One seems to have two WS rings that he won as the GM of the Minnesota Twins.

 

Oh god the ironing of the post is delicious.

 

Not sure where you are going with this? And I think you mean irony...I see none. I do know Crane Kenney and I do know Andy MacPhail.

[RedIvyCub]

I'm still pulling for Cuban...and I know you have your connections and such, and not to be dismissive, but I haven't heard anything that makes me think he doesn't have a shot at this point.

 

With Zell, maybe but not with MLB. It requires approval by 75% of the ownership as you probably already know. Look at what happened in Boston with the sale of the Red Sox.

 

The Red Sox weren't being sold by a public company.

 

One which needs the liquid capital.

 

And the more I think about it the more I doubt that MLB could drum up a 75% "No" vote if Cuban were the highest bidder. It's counter to the owner's best interests.

 

Red Sox were being sold by a trust which required the highest bidder to be accepted.

 

They don't need a 75% no vote. They need a 75% yes vote and I would be really shocked if that happened.