Jimcs50
07-13-2007, 08:09 AM
Report: Cuban submits application, joins crowded field of Cubs' suitors
ESPN.com news services
Updated: July 13, 2007, 12:42 AM ET
Fans of the Windy City's lovable losers can count a maverick NBA owner among those interested in purchasing the Chicago Cubs.
The Chicago Tribune reports that Mark Cuban says that he has submitted his application to Major League Baseball to purchase the Cubs. Cuban, who has owned the NBA's Dallas Mavericks since January of 2000 and is known for his free-spending ways, told the newspaper he sent the paperwork in last week.
Cuban's efforts to enter the already crowded field to purchase the team is being met with some speculation. The Tribune summed up Cuban's efforts to buy the team in its Thursday edition as follows: "And while Internet billionaire Mark Cuban, owner of the Dallas Mavericks, has expressed interest, most observers think Major League Baseball would balk at a potential owner as unpredictable and outspoken as Cuban."
When e-mailed by the Tribune to respond to the sentence, Cuban replied via e-mail: "I never comment on 'most observers' reports. It's like responding to a random blog post, a waste of time."
The Tribune Co. announced it would sell the team at season's end in April, after the ailing media conglomerate announced its acquisition by billionaire investor Sam Zell. It put one of sports' most storied and star-crossed franchises on the block, a year shy of the 100th anniversary of its last World Series title.
Zell, a real estate magnate who already owns part of his hometown Bulls and White Sox, did not comment about why he's was not interested in keeping the Cubs in connection with the $8.2 billion deal. The team is one of Tribune's richest assets.
Cuban faces some stiff competition among suitors for the Cubs. The Tribune reported Thursday that the Ricketts family, which founded discount broker TD Ameritrade Holding Corp., has joined the list of potential bidders.
Sources close to the situation said the Ricketts family is readying their application MLB requires for all parties wishing to bid on a franchise. The group is led by Thomas Ricketts, 41, who is the founder and chief executive of the Chicago-based investment firm, Incapital Holdings LLC.
Thomas Ricketts is the son of J. Joe Ricketts, an Omaha billionaire who founded Ameritrade. Forbes Magazine this year estimated the Ricketts' family worth is $2.3 billion.
The Tribune reports other bidders include John Canning, who heads the Chicago-based private-equity firm Madison Dearborn Partners and is a part-owner of the Milwaukee Brewers. Additionally, a partnership of restaurateur Larry Levy and Chicago business owner Craig Duchossois is also thought to be interested in entering the fray.
Don Levin, who owns the Chicago Wolves minor league hockey team has said he is interested in bidding for the team, as is a partnership of Chicago attorney Thomas Mandler and area businessman Jim Anixter. A group led by industrialist and private-equity investor Thomas Begel may also try bidding on the Cubs, the newspaper reports.
Bidding for the ballclub and historic Wrigley Field, however, is certain to be fiercely competitive. Analysts have estimated the Cubs could fetch $600 million or more, a far cry from the $20.5 million Tribune paid in 1981.
Information from The Associated Press was used in this report.
ESPN.com news services
Updated: July 13, 2007, 12:42 AM ET
Fans of the Windy City's lovable losers can count a maverick NBA owner among those interested in purchasing the Chicago Cubs.
The Chicago Tribune reports that Mark Cuban says that he has submitted his application to Major League Baseball to purchase the Cubs. Cuban, who has owned the NBA's Dallas Mavericks since January of 2000 and is known for his free-spending ways, told the newspaper he sent the paperwork in last week.
Cuban's efforts to enter the already crowded field to purchase the team is being met with some speculation. The Tribune summed up Cuban's efforts to buy the team in its Thursday edition as follows: "And while Internet billionaire Mark Cuban, owner of the Dallas Mavericks, has expressed interest, most observers think Major League Baseball would balk at a potential owner as unpredictable and outspoken as Cuban."
When e-mailed by the Tribune to respond to the sentence, Cuban replied via e-mail: "I never comment on 'most observers' reports. It's like responding to a random blog post, a waste of time."
The Tribune Co. announced it would sell the team at season's end in April, after the ailing media conglomerate announced its acquisition by billionaire investor Sam Zell. It put one of sports' most storied and star-crossed franchises on the block, a year shy of the 100th anniversary of its last World Series title.
Zell, a real estate magnate who already owns part of his hometown Bulls and White Sox, did not comment about why he's was not interested in keeping the Cubs in connection with the $8.2 billion deal. The team is one of Tribune's richest assets.
Cuban faces some stiff competition among suitors for the Cubs. The Tribune reported Thursday that the Ricketts family, which founded discount broker TD Ameritrade Holding Corp., has joined the list of potential bidders.
Sources close to the situation said the Ricketts family is readying their application MLB requires for all parties wishing to bid on a franchise. The group is led by Thomas Ricketts, 41, who is the founder and chief executive of the Chicago-based investment firm, Incapital Holdings LLC.
Thomas Ricketts is the son of J. Joe Ricketts, an Omaha billionaire who founded Ameritrade. Forbes Magazine this year estimated the Ricketts' family worth is $2.3 billion.
The Tribune reports other bidders include John Canning, who heads the Chicago-based private-equity firm Madison Dearborn Partners and is a part-owner of the Milwaukee Brewers. Additionally, a partnership of restaurateur Larry Levy and Chicago business owner Craig Duchossois is also thought to be interested in entering the fray.
Don Levin, who owns the Chicago Wolves minor league hockey team has said he is interested in bidding for the team, as is a partnership of Chicago attorney Thomas Mandler and area businessman Jim Anixter. A group led by industrialist and private-equity investor Thomas Begel may also try bidding on the Cubs, the newspaper reports.
Bidding for the ballclub and historic Wrigley Field, however, is certain to be fiercely competitive. Analysts have estimated the Cubs could fetch $600 million or more, a far cry from the $20.5 million Tribune paid in 1981.
Information from The Associated Press was used in this report.