Tribune Says it Plans to Sell Chicago Cubs after 2007 Season - Page 2

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

Ultra Peanut · 04-02-2007, 01:35 PM

The Chicago Cubs have been mathematically eliminated from the playoffs.

HOLY SHIT WE JUST SCORED! NEXT YEAR IS NOW!!

vailpass · 04-02-2007, 01:57 PM

Quote:

Originally Posted by frazod

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.

You live in a real bad place for someone who hates the Cubs. Bummer. The Sox could win 10 WS in a row and never come close to being as popular as the Cubs.
How the hell can you hate the Cubbies? Do you hate panda bears and sleeping babies and butterflies?

vailpass · 04-02-2007, 02:08 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.

I grew up in Iowa, we had 3 teams broadcast: Cards, Cubs, Brewers. Most of my family are Cards, I just always liked the look and feel of the Cubs. Growing up we took family trips to Busch and Wrigley for games.

My dad's side of the family are in Colorado. As a 9 year old boy in 1976 I visited them and saw my first live pro football game, in Mile High Stadium. Randy Gradishar and Tom Jackson and Lyle Alzado and Otis Armstrong and Haven Moses and Rick Upchurch....Been hooked ever since.

Halfcan · 04-02-2007, 02:13 PM

I wonder if they will take a check?

Frazod · 04-02-2007, 02:20 PM

Quote:

Originally Posted by vailpass

You live in a real bad place for someone who hates the Cubs. Bummer. The Sox could win 10 WS in a row and never come close to being as popular as the Cubs.

Actually, I rather enjoy it. On my desk I have a Cardinals mug with the words CUBS SUCK written on the bottom, so that anyone I'm talking to can read CUBS SUCK when I take a drink. I really enjoy it.

Quote:

Originally Posted by vailpass

How the hell can you hate the Cubbies? Do you hate panda bears and sleeping babies and butterflies?

How the hell can you like the Broncos? Do you like child molesters and Nazis and rabid hyenas?

(I trust I've made my point

)

vailpass · 04-02-2007, 04:55 PM

Quote:

Originally Posted by frazod

Actually, I rather enjoy it. On my desk I have a Cardinals mug with the words CUBS SUCK written on the bottom, so that anyone I'm talking to can read CUBS SUCK when I take a drink. I really enjoy it.

How the hell can you like the Broncos? Do you like child molesters and Nazis and rabid hyenas?

(I trust I've made my point

)

teedubya · 04-02-2007, 06:43 PM

I really wish that the Cardinals hadn't won it all last year... Frazod getting joy is not something I enjoy.

Although I do agree with him about the Broncos... how could anyone with a conscious like THEM??!?

Frazod · 04-02-2007, 07:37 PM

Quote:

Originally Posted by Ari Chi3fs

I really wish that the Cardinals hadn't won it all last year... Frazod getting joy is not something I enjoy.

I understand completely. That's why I was so bummed out when the Gayhawks won the national champion--- oops, never mind.

It's good to be the king.

04-02-2007, 11:49 AM
teedubya Most Valuable Poster Join Date: Oct 2003 Casino cash: $9460002	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
Posts: 36,664

04-02-2007, 01:35 PM	#16
Ultra Peanut v^V^v^V^v^V^ Join Date: Aug 2001 Location: Holland* Casino cash: $10005177	The Chicago Cubs have been mathematically eliminated from the playoffs. HOLY SHIT WE JUST SCORED! NEXT YEAR IS NOW!! __________________
Posts: 39,518

04-02-2007, 02:13 PM	#19
Halfcan In Search of a Life Join Date: Aug 2005 Casino cash: $7327995	I wonder if they will take a check?
Posts: 43,200

04-02-2007, 06:43 PM	#22
teedubya Most Valuable Poster Join Date: Oct 2003 Casino cash: $9460002	I really wish that the Cardinals hadn't won it all last year... Frazod getting joy is not something I enjoy. Although I do agree with him about the Broncos... how could anyone with a conscious like THEM??!?
Posts: 36,664