Tribune Says it Plans to Sell Chicago Cubs after 2007 Season

teedubya · 04-02-2007, 11:49 AM

CHICAGO (AP) -- Tribune Co. said it plans to sell the Chicago Cubs at the end of the 2007 baseball season, putting one of its most valuable assets on the block as it simultaneously announced Monday that real estate magnate Sam Zell was acquiring the media conglomerate.

Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million.

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"The Cubs have been an important part of Tribune for more than 25 years and are one of the most storied franchises in all of sports," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "In our last season of ownership, the team has one mission, and that is to win for our great fans."

Tribune said the company's 25 percent interest in Comcast SportsNetChicago would be part of the sale package.

The Cubs' strength as a sports franchise -- and the lure of potentially steering them to their first championship since 1908 -- has attracted the interest of many potential buyers. Billionaire entrepreneur Mark Cuban, actor Bill Murray and columnist George Will are among those rumored to have interest, along with numerous Chicago business figures.

Jerry Colangelo, chairman of the NBA's Phoenix Suns and former owner of both the Suns and baseball's Arizona Diamondbacks, told The Associated Press in November that he would have "great interest" in buying his hometown baseball franchise if it became available and had already held preliminary discussions with others who might join him in a bid.

Speculation that the struggling Tribune Co. might sell the Cubs ramped up last fall when it put itself up for possible sale, under pressure from disgruntled shareholders. It intensified with the club's offseason spending spree, including signing outfielder Alfonso Soriano to an eight-year contract for $136 million -- the fifth-richest contract in major league history.

Tribune had said for months that it would focus first on a sale of the entire company before considering selling individual pieces, which also include 23 television stations and 11 newspapers, including the Chicago Tribune, Los Angeles Times, Newsday and eight other dailies.

That sale was announced Monday morning when it said it had agreed to a complex deal in which Tribune will go private and billionaire Zell will invest $315 million in the deal.

Cubs President John McDonough said the mission has not changed for the team.

"The goal is to win a World Series for our great fans," he said. "Under the leadership of Lou Piniella, we are on track and believe 2007 will be a very successful season."

The fact the ownership change will not occur until after the season will help maintain the focus on day-to-day operations, he said.

While the Cubs are renowned for their losing ways, they also have become more of a box-office success under Tribune's ownership and have spent dramatically more money in recent years, as McDonough noted.

Others who expressed interest in buying the Cubs recently include Chicago businessman Don Levin, owner of the Chicago Wolves minor-league hockey team, and a prospective ownership group of 15 investors that includes Tom Begel, chairman of Chicago-based TMB Industries.

http://sports.yahoo.com/mlb/news?slu...v=ap&type=lgns

Redrum_69 · 04-02-2007, 11:55 AM

Chicago has a baseball team?

ct · 04-02-2007, 11:58 AM

Quote:

Originally Posted by Redrum_69

Chicago has a baseball team?

Yep, the White Sox. Not sure what this is all about tho.

Hound333 · 04-02-2007, 12:09 PM

Wow could you imagine if Cuban gets ahold of the Cubs. If he does will he sit in the owners box or right behind the dugout?

StcChief · 04-02-2007, 12:16 PM

They don't want the 100 year without a WS hung on their Tribune name....

Frazod · 04-02-2007, 12:39 PM

Quote:

Originally Posted by StcChief

They don't want the 100 year without a WS hung on their Tribune name....

I'm certainly looking forward to it.

Braincase · 04-02-2007, 12:46 PM

Quote:

Originally Posted by Hound333

Wow could you imagine if Cuban gets ahold of the Cubs. If he does will he sit in the owners box or right behind the dugout?

He's in the dugout... or in a specially constructed box right behind the umpire with a megaphone and his own instant replay system. God I wish he would buy the Royals.

StcChief · 04-02-2007, 01:04 PM

Quote:

Originally Posted by frazod

I'm certainly looking forward to it.

you, me and all the Cardinal fans. Those Loveable losers up I-55.

Frazod · 04-02-2007, 01:13 PM

Quote:

Originally Posted by StcChief

you, me and all the Cardinal fans. Those Loveable losers up I-55.

To me, they're the loser dickheads three miles to the north. And there's nothing loveable about them that I can see.

SBK · 04-02-2007, 01:15 PM

The Cubs are one of the few baseball teams that would be worth a look to buy. They're iconic.

StcChief · 04-02-2007, 01:18 PM

Those Northsiders... they just find away to flub it away.

Iconic. well real diehard fans that really love to throw down beer. If the win it's just a bonus, more of an excuse to drink.

vailpass · 04-02-2007, 01:19 PM

Quote:

Originally Posted by frazod

To me, they're the loser dickheads three miles to the north. And there's nothing loveable about them that I can see.

Damn dude both my football and baseball teams make you bitter.
Did you walk in on some guys pulling a train on your high school sweetheart, one wearing an Elway jersey and the other Mark Grace wristbands ?

Frazod · 04-02-2007, 01:32 PM

Quote:

Originally Posted by vailpass

Damn dude both my football and baseball teams make you bitter.
Did you walk in on some guys pulling a train on your high school sweetheart, one wearing an Elway jersey and the other Mark Grace wristbands ?

Dude, I work in Chicago and live in a suburb of Chicago. I just get tired of hearing about them. It also never ceases to amaze me how a team so godawful for GENERATIONS can have any sort of fanbase whatsoever. How is passing on a love of the Cubs to one's children not child abuse? They'll outdraw the White Sox 10 to 1, yet the Sox are only a season removed from a WS championship. I just don't get it.

But the Cubs serve a useful purpose. Being a Cards fan provides balance for being a Chiefs fan. And the Cubs are the dog I kick because the Chiefs make me hate my life. God bless 'em.

duncan_idaho · 04-02-2007, 01:33 PM

Quote:

Originally Posted by vailpass

Damn dude both my football and baseball teams make you bitter.
Did you walk in on some guys pulling a train on your high school sweetheart, one wearing an Elway jersey and the other Mark Grace wristbands ?

How does one end up a Cubs and Broncos fan? I'm just curious...

I have a co-worker who is a Cardinals/Broncos/kansas/Blackhawks fan, and I just don't understand how a fan ends up with such geographically diverse loyalties.

Frazod · 04-02-2007, 01:34 PM

Quote:

Originally Posted by duncan_idaho

How does one end up a Cubs and Broncos fan? I'm just curious...

I have a co-worker who is a Cardinals/Broncos/kansas/Blackhawks fan, and I just don't understand how a fan ends up with such geographically diverse loyalties.

Sounds like what you'd get if you threw a winner into a blender with two assholes and a reerun.

04-02-2007, 11:49 AM
teedubya Most Valuable Poster Join Date: Oct 2003 Casino cash: $9470002	Tribune Says it Plans to Sell Chicago Cubs after 2007 Season CHICAGO (AP) -- Tribune Co. said it plans to sell the Chicago Cubs at the end of the 2007 baseball season, putting one of its most valuable assets on the block as it simultaneously announced Monday that real estate magnate Sam Zell was acquiring the media conglomerate. Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million. ADVERTISEMENT "The Cubs have been an important part of Tribune for more than 25 years and are one of the most storied franchises in all of sports," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "In our last season of ownership, the team has one mission, and that is to win for our great fans." Tribune said the company's 25 percent interest in Comcast SportsNetChicago would be part of the sale package. The Cubs' strength as a sports franchise -- and the lure of potentially steering them to their first championship since 1908 -- has attracted the interest of many potential buyers. Billionaire entrepreneur Mark Cuban, actor Bill Murray and columnist George Will are among those rumored to have interest, along with numerous Chicago business figures. Jerry Colangelo, chairman of the NBA's Phoenix Suns and former owner of both the Suns and baseball's Arizona Diamondbacks, told The Associated Press in November that he would have "great interest" in buying his hometown baseball franchise if it became available and had already held preliminary discussions with others who might join him in a bid. Speculation that the struggling Tribune Co. might sell the Cubs ramped up last fall when it put itself up for possible sale, under pressure from disgruntled shareholders. It intensified with the club's offseason spending spree, including signing outfielder Alfonso Soriano to an eight-year contract for $136 million -- the fifth-richest contract in major league history. Tribune had said for months that it would focus first on a sale of the entire company before considering selling individual pieces, which also include 23 television stations and 11 newspapers, including the Chicago Tribune, Los Angeles Times, Newsday and eight other dailies. That sale was announced Monday morning when it said it had agreed to a complex deal in which Tribune will go private and billionaire Zell will invest $315 million in the deal. Cubs President John McDonough said the mission has not changed for the team. "The goal is to win a World Series for our great fans," he said. "Under the leadership of Lou Piniella, we are on track and believe 2007 will be a very successful season." The fact the ownership change will not occur until after the season will help maintain the focus on day-to-day operations, he said. While the Cubs are renowned for their losing ways, they also have become more of a box-office success under Tribune's ownership and have spent dramatically more money in recent years, as McDonough noted. Others who expressed interest in buying the Cubs recently include Chicago businessman Don Levin, owner of the Chicago Wolves minor-league hockey team, and a prospective ownership group of 15 investors that includes Tom Begel, chairman of Chicago-based TMB Industries. http://sports.yahoo.com/mlb/news?slu...v=ap&type=lgns
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04-02-2007, 11:55 AM	#2
Redrum_69 Banned Join Date: Jun 2005 Location: your nightmares Casino cash: $10004900	Chicago has a baseball team?
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04-02-2007, 12:09 PM	#4
Hound333 Starter Join Date: Jul 2006 Casino cash: $7275392	Wow could you imagine if Cuban gets ahold of the Cubs. If he does will he sit in the owners box or right behind the dugout?
Posts: 654

04-02-2007, 12:16 PM	#5
StcChief Playing for #1 Draft Pick Join Date: Oct 2003 Location: Just West of Lambs land Casino cash: $10004900	They don't want the 100 year without a WS hung on their Tribune name....
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04-02-2007, 01:15 PM	#10
SBK Curry is the pick??? Join Date: Mar 2004 Location: Georgia Casino cash: $10004900	The Cubs are one of the few baseball teams that would be worth a look to buy. They're iconic.
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04-02-2007, 01:18 PM	#11
StcChief Playing for #1 Draft Pick Join Date: Oct 2003 Location: Just West of Lambs land Casino cash: $10004900	Those Northsiders... they just find away to flub it away. Iconic. well real diehard fans that really love to throw down beer. If the win it's just a bonus, more of an excuse to drink.
Posts: 25,901