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DealZone

Behind the deals and deal-makers

April 2nd, 2008

What’s holding up the Cubs sale?

Posted by: Megan Davies
Tags: DealZone, Mediafile

cubbies1.jpgA deal to sell the Chicago Cubs baseball team was originally supposed to be clinched last year. That’s slowly slipped and now some fear it could even take till after the 2008 baseball season before its owner Tribune finds a new owner for the loveable losers.

To be sure, there’s a lot of activity going on behind the scenes, with talks to sell Wrigley Field to Illinois state moving forward. But the complexities involved mean it’ll likely be months before a deal for all the assets — the field, the team and a stake in a sports TV network - is sorted out. 
    
The flip side is that for real estate tycoon Sam Zell, who led the $8.2 billion buyout of Tribune, it doesn’t matter much. Since Tribune is now a privately owned company, it doesn’t have the pressures of quarterly deadlines and vocal shareholders.
    
However, the pressure is at an all-time high for the Cubs team, which is trying to win its first World Series title in 100 years.  
    

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