Chicago Tribune: Cuban one of seven to submit bid for Cubs, Wrigley Field

[CubanMustGo]

http://www.chicagotribune.com/business/chi-080718-cubs-bids,0,4877223.story

At least seven groups submitted opening bids for the Chicago Cubs and its historic ballpark as the deadline passed Friday for proposals to buy one of professional sports' iconic franchises.

The Tribune learned Friday that a Chicago real-estate firm has made an offer to buy Wrigley Field separately, because the Tribune Co.'s auction of the Cubs also includes an unconventional plan to sell the ballpark separately. The company, which also owns the Chicago Tribune, sees the potential for reaping more for the team and stadium if they are sold separately.

Richard Kaplan, president of Chicago-based Syndicated Equities Corp., said Friday that he could not resist making a bid for what he said is one of the world's most recognizable landmarks. Syndicated Equities specializes in buying properties such as shopping centers and hotels and selling shares to investors.

But the idea of a separate sale of Wrigley Field raises questions about whether such a deal is financially feasible, and who would control revenues generated from the ballpark.

"From a team owner's point of view, it's obviously better for everything to be in one package," said William Marovitz, a Chicago real estate developer who said he is part of a bidding group led by Rocco Landesman, a Broadway Theater owner. "Then you don't have to deal with a landlord."

In addition to Landesman, sources said the bidders include:

John Canning, chairman of Chicago-based private-equity firm Madison Dearborn Partners.

Mark Cuban, Internet billionaire and owner of the National Basketball Association's Dallas Mavericks.

Don Levin, Chicago businessman and owner of the Chicago Wolves minor-league hockey franchise.

Thomas Ricketts, head of a Chicago-based bond-trading business whose father founded Ameritrade.

Jim Anixter, president of A-Z Industries Inc. in Northbrook who has partnered with Chicago attorney Thomas Mandler.

Sports Properties Acquisition Corp., a shell company with $215 million looking to buy a sports property.

[T Park]

Sports Properties Acquisition Corp., a shell company with $215 million looking to buy a sports property.

This might be the group of Russians thats looking to buy into it. If so, no way in HELL the MLB owners let that go.

[CubanMustGo]

and it's not a fucking AP story like the first one I saw:

Five contestants left in bid for the Cubs
Cubs narrow short list of bidders, but potential favorite of MLB isn't on it

July 24, 2008

BY DAVID ROEDER AND FRAN SPIELMAN [email protected]/[email protected]

The Chicago Cubs have culled the number of bids for the team to five, all at $1 billion or more, and tossed out an offer from a group regarded as the favorite of Major League Baseball, sources said Wednesday.

The Cubs, owned by Tribune Co., have rejected an offer from a large investment group led by John Canning Jr., chairman of Madison Dearborn Partners LLC. Canning, a part owner of the Milwaukee Brewers, is a close associate of baseball Commissioner Bud Selig.

Making the cut as the Cubs winnowed the list of bids from an original 10 respondents was Mark Cuban, owner of basketball’s Dallas Mavericks, said a source familiar with the process. The identity of the other finalists couldn’t be learned.

Canning declined to comment. He represented a group that included Aon Corp. Chairman Patrick Ryan, business leader Andrew McKenna and restaurateurs Richard Melman and Larry Levy, among others.

“His bid was not at a high enough level. He’s out,” a source said. “He could rebid. He could say, ‘I’m sorry, I forgot a decimal point.’ But as of now, he’s out.”

The bold move points to escalating tension between Tribune Chairman Sam Zell, trying to maximize the price for the Cubs, and the lords of baseball. Rules specify that 75 percent of the owners must approve any sale, and they could look at factors other than price in settling on a suitable Cubs buyer.

Owners could look dimly on the brash Cuban, known for yelling at referees during Mavericks games. Yet he is wealthy enough to offer the top price. He made much of his money selling Broadcast.com to Yahoo! Inc. at the top of the Internet market and he owns cable channel HDNet.

Cubs-turned-White Sox announcer Steve Stone said Cuban could win over the owners by aligning himself with top baseball executives. Stone has been interested in becoming a team owner but is not part of any Cubs bid.

Stone also said Canning may re-emerge. “John realizes what a tremendous opportunity this is. This particular team probably will never come on the market in his or a lot of other people’s lifetimes,” Stone said.

In rejecting Canning, the Cubs may be trying to avoid a situation the Boston Red Sox faced in 2002. The team had a higher bid, but Selig and the owners ultimately forced a sale for $700 million to hedge-fund operator John Henry.

The five contestants in the second-round bidding will get access to more financial reports — the Cubs call it the “data room” — and will be expected to submit revised offers in September, when the first-place Cubs could well be in the thick of a pennant race. A source said the Cubs hope to recommend a buyer to Major League Baseball by November.

Stone said second-round bidders will have to spend at least $1 million on “forensic accounting” to review liabilities of the team, the condition of Wrigley Field and get details of Tribune’s 25 percent stake in Comcast SportsNet, which is part of the deal. “We’re probably in for a few more surprises before this thing is done,Ó Stone said.

Ignoring a 2004 embarrassment over falling concrete, the Cubs' initial bid book downplayed the need for ballpark renovations. Team officials have said the 94-year-old park doesn’t need substantial work, but costly renovations were discussed in earlier conversations about a sale of the park to the state of Illinois.

The Cubs also are entertaining offers for Wrigley Field only, not the team. Inland Real Estate Group of Cos. Inc. has bid around $300 million for the ballpark.

[Brutalis]

Why did the league have the right to force whoever to sell the Red Sox like that? How is that right? Fucking stupid shit.

[Das Texan]

Why did the league have the right to force whoever to sell the Red Sox like that? How is that right? Fucking stupid shit.


because they have to approve any sale of a club by a 75% vote.


Cuban could offer 2 billion, he isnt buying that team unless things have changed significantly in the last year.


The owners simply do not want Cuban in their circle.