The Cubs Sale Thread

[Jehrico]

Any idea Dallas as to how they're getting around not selling half the team while still owning part of another club? Anything other than the good ol' boy network?

[Dallas Green]

Any idea Dallas as to how they're getting around not selling half the team while still owning part of another club? Anything other than the good ol' boy network?

 

All I've heard on that is the stuff that Levine reported and it's been handled "loosey goosey" until the deal is done. If in fact Zell keeps 50% they have to make him sell the Sox interest. Only MLB could get away with any of this.

[CubFanPhilly]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

 

I can understand how MLB wouldn't want Zell running the Tribune while owning an interest in the White Sox, but right now Zell doesn't own even a single share of the Tribune or the Cubs. He holds an option (warrants) to buy 40 percent of the Tribune.

[Sosa21MVP]

My boss is a Cubs fan and he was wondering if MLB has to approve the sale of a minority interest to a particular individual? In other words, if Zell sold say 49% to Cuban would that be a way to kind of sneak him in the door...with the intent of selling Cuban the remaining 51% later?

 

That might qualify as "grasping at straws" but hey, it sounds interesting in theory.

[CubinNY]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

 

I can understand how MLB wouldn't want Zell running the Tribune while owning an interest in the White Sox, but right now Zell doesn't own even a single share of the Tribune or the Cubs. He holds an option (warrants) to buy 40 percent of the Tribune.

Zell controls both the Tribune and the Cubs. The rest is just legal technicalities. That said, Zell and MLB will do as they please just like they've always done. Should Cuban lose he may have a case for a law suit but he could probably never win it.

[shnsajax]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

 

I can understand how MLB wouldn't want Zell running the Tribune while owning an interest in the White Sox, but right now Zell doesn't own even a single share of the Tribune or the Cubs. He holds an option (warrants) to buy 40 percent of the Tribune.

Zell controls both the Tribune and the Cubs. The rest is just legal technicalities. That said, Zell and MLB will do as they please just like they've always done. Should Cuban lose he may have a case for a law suit but he could probably never win it.

 

If Cuban loses and raises enough hell, it could be the end of Bud Selig. I don't know if he personally would want to go through being that he seems to have 1 foot out the door already.

[Derwood]

not sure if Cuban is the litigation type, but this might call for it if he is, in fact, colluded against

[shnsajax]

not sure if Cuban is the litigation type, but this might call for it if he is, in fact, colluded against

 

I'm willing to guess that he has people, and he doesn't seem to be too shy to hold back his feelings.

[KingCubsFan]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

This doesn't really have anything to do with MLB. Zell has to unload the team as quick as he can, and nobody will ever get financing for the whole team by the time he needs it.

[Jehrico]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

This doesn't really have anything to do with MLB. Zell has to unload the team as quick as he can, and nobody will ever get financing for the whole team by the time he needs it.

I have yet to see anywhere that Cuban can't complete the original bid that he put forth.

[KingCubsFan]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

This doesn't really have anything to do with MLB. Zell has to unload the team as quick as he can, and nobody will ever get financing for the whole team by the time he needs it.

I have yet to see anywhere that Cuban can't complete the original bid that he put forth.

If you can find a bank that will lend someone a billion dollars for a sports team right now (and payments deferred for a number of years), please call Cuban and Zell because I'm sure they'd both like to get this done.

[CubFanPhilly]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

 

I can understand how MLB wouldn't want Zell running the Tribune while owning an interest in the White Sox, but right now Zell doesn't own even a single share of the Tribune or the Cubs. He holds an option (warrants) to buy 40 percent of the Tribune.

Zell controls both the Tribune and the Cubs. The rest is just legal technicalities. That said, Zell and MLB will do as they please just like they've always done.

 

I agree. But if MLB's looking for a loop hole to allow the status quo - there you have it.

[fibro]

Zell wants proof now that those who bid can still pay with the recent financial crisis.

 

Its financial losses mounting, Tribune Co. has established a deadline for potential buyers of the Chicago Cubs to prove they still can make a deal during the nation's financial crisis.

 

A source said the bidders have been asked to reply by Nov. 26. Tribune needs to sell the Cubs to make future debt payments.

 

http://www.suntimes.com/business/1271533,tribune-bids-cubs-deadline-111108.article

[Jehrico]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

This doesn't really have anything to do with MLB. Zell has to unload the team as quick as he can, and nobody will ever get financing for the whole team by the time he needs it.

I have yet to see anywhere that Cuban can't complete the original bid that he put forth.

If you can find a bank that will lend someone a billion dollars for a sports team right now (and payments deferred for a number of years), please call Cuban and Zell because I'm sure they'd both like to get this done.

I wasn't under the impression that he needed to finance as big of a chunk of it as the others.

[David]

Zell wants proof now that those who bid can still pay with the recent financial crisis.

 

Its financial losses mounting, Tribune Co. has established a deadline for potential buyers of the Chicago Cubs to prove they still can make a deal during the nation's financial crisis.

 

A source said the bidders have been asked to reply by Nov. 26. Tribune needs to sell the Cubs to make future debt payments.

 

http://www.suntimes.com/business/1271533,tribune-bids-cubs-deadline-111108.article

 

I'm thinking Cuban might be one of the few who can still make a strong push.

 

I recall him saying he got out of most of his positions in time and was actually up on the year (or maybe it was down a little, but he basically said he wasn't hurting too bad - it was an interview during a Bulls/Mavs preseason game).

[Clem Fandango]

Zell wants proof now that those who bid can still pay with the recent financial crisis.

 

Its financial losses mounting, Tribune Co. has established a deadline for potential buyers of the Chicago Cubs to prove they still can make a deal during the nation's financial crisis.

 

A source said the bidders have been asked to reply by Nov. 26. Tribune needs to sell the Cubs to make future debt payments.

 

http://www.suntimes.com/business/1271533,tribune-bids-cubs-deadline-111108.article

 

I'd laugh if it was reported that one of the buyers printed out a receipt from an ATM with a sufficient amount of money in his account and handed it to him

[KingCubsFan]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

This doesn't really have anything to do with MLB. Zell has to unload the team as quick as he can, and nobody will ever get financing for the whole team by the time he needs it.

I have yet to see anywhere that Cuban can't complete the original bid that he put forth.

If you can find a bank that will lend someone a billion dollars for a sports team right now (and payments deferred for a number of years), please call Cuban and Zell because I'm sure they'd both like to get this done.

I wasn't under the impression that he needed to finance as big of a chunk of it as the others.

Zell is requiring financing for anyone who wants to buy in order to avoid capital gains tax. Remember, the Tribune bought the Cubs for 20 million and are about to sell it for around a billion

[CubinNY]

http://www.sportsline.com/mlb/story/11090240

 

Now they're saying that Zell may only sell half of the Cubs. I don't understand how he can do this, as he still owns part of the WSox. MLB should be forcing him to sell the whole team since their rules don't allow for anyone to have stakes in more than one team. If he can't sell the team for what he wants because of the economy, he should have thought of that before buying the trib.

 

On the flip side, this should go as evidence that MLB doesn't want Cuban to own the team. I haven't read anything that suggests he's no longer willing to pay the 1B that they're looking for that he already bid earlier. If anything, it should be shaping up so that Cuban is the last man standing. The fact that he's looking to drop the sale down to a 50% share sounds like they're trying to manipulate the situation so that Canning or Ricketts can buy half of the team now, and then buy up the other half down the road when the economy rebounds and they can get the financing that they need.

 

This whole situation reeks of BS to me.

This doesn't really have anything to do with MLB. Zell has to unload the team as quick as he can, and nobody will ever get financing for the whole team by the time he needs it.

I have yet to see anywhere that Cuban can't complete the original bid that he put forth.

If you can find a bank that will lend someone a billion dollars for a sports team right now (and payments deferred for a number of years), please call Cuban and Zell because I'm sure they'd both like to get this done.

I wasn't under the impression that he needed to finance as big of a chunk of it as the others.

Zell is requiring financing for anyone who wants to buy in order to avoid capital gains tax. Remember, the Tribune bought the Cubs for 20 million and are about to sell it for around a billion

MLB and Zell should be tried for tax evasion.

[David]

Zell is requiring financing for anyone who wants to buy in order to avoid capital gains tax. Remember, the Tribune bought the Cubs for 20 million and are about to sell it for around a billion

 

Yea, I don't really see that plan working all that well in a liquidity crisis, though.

[jersey cubs fan]

MLB and Zell should be tried for tax evasion.

 

Tax planning is not tax evasion.

[KingCubsFan]

Zell is requiring financing for anyone who wants to buy in order to avoid capital gains tax. Remember, the Tribune bought the Cubs for 20 million and are about to sell it for around a billion

 

Yea, I don't really see that plan working all that well in a liquidity crisis, though.

Exactly. That's why they're willing to hold on to half the team.

[Dallas Green]

Have an update. This thing is being offered as a partnership with Zell. There are only 3 bidders left. This is a very reliable source, he thinks Ricketts is the guy still. He is in another group, and he mentioned the third group is an unkown to the media.

 

http://chi-ball.com/blog/2008/11/cubs-sale-down-to-three-ricketts-and-zell-partners/

[Gmoney08]

Have an update. This thing is being offered as a partnership with Zell. There are only 3 bidders left. This is a very reliable source, he thinks Ricketts is the guy still. He is in another group, and he mentioned the third group is an unkown to the media.

 

http://chi-ball.com/blog/2008/11/cubs-sale-down-to-three-ricketts-and-zell-partners/

 

So one bidder is Ricketts, the other is unknown to media, so is Cuban the other bidder?

[SouthSideRyan]

Have an update. This thing is being offered as a partnership with Zell. There are only 3 bidders left. This is a very reliable source, he thinks Ricketts is the guy still. He is in another group, and he mentioned the third group is an unkown to the media.

 

http://chi-ball.com/blog/2008/11/cubs-sale-down-to-three-ricketts-and-zell-partners/

 

So one bidder is Ricketts, the other is unknown to media, so is Cuban the other bidder?

 

Dallas said Cuban was out ages ago.

[Dallas Green]

Have an update. This thing is being offered as a partnership with Zell. There are only 3 bidders left. This is a very reliable source, he thinks Ricketts is the guy still. He is in another group, and he mentioned the third group is an unkown to the media.

 

http://chi-ball.com/blog/2008/11/cubs-sale-down-to-three-ricketts-and-zell-partners/

 

So one bidder is Ricketts, the other is unknown to media, so is Cuban the other bidder?

 

No, Canning's group is still alive.