Kramer, is that you? When Zell purchased the Tribune, the Cubs were reported to be worth $1B, they sold for much less two years later. The Tribune bought them for $20 million in the 80's, so they turned a pretty good profit on their investment. Also, what the Cubs were reported to be worth is different than what they were really worth. I'm sure the people who are paid to evaluate what these things are worth were wrong, and sports franchises managed to gain value while everything else in the world was losing it's worth. You should know.