And it’s not even the dog days of August, when pennant races heat up.Talks to sell the storied Chicago Cubs baseball team have reopened with a rival bidding group even as negotiations continue with the Ricketts family, tapped in January as the winning bidder with a $900 million offer.Cubs owner Tribune Co, which filed for bankruptcy in December due to its heavy debt load and the weak publishing sector, is now also negotiating with private equity investors Marc Utay and Leo Hindery, three sources familiar with the situation said.The National League team, popular for its “lovable losers” image and national following, as well as its iconic home park Wrigley Field and a stake in a local sports TV network, have been on the block since April 2007, when Tribune Co agreed to an buyout led by real estate magnate Sam Zell.Some of the sources, as well as analysts, believe by adding Utay and Hindery’s group to the mix, Tribune Co is seeking to pressure the Ricketts family to settle at terms desired by the media company. Sources had previously said the Ricketts family wanted to mark down the value of the Cubs’ broadcast contracts.But the Cubs are used to pressure. After all, their fans have been waiting for a World Series title for more than a century and this year has not gone according to plan as the team has struggled to a losing record.(Reuters photo)
from Left field:
John Canning Jr, who came up short last year in his bid for the storied Chicago Cubs baseball team, made a shocking admission on Tuesday.
"The only thing that I was able to come out of the closet on was I'm actually a White Sox fan. God, what a relief not to buy the Cubs," he said as the audience of several hundred local executives laughed.