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Opening bids for Cubs

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Lord Vanny	Opening bids for Cubs	Lead	[-]
Posts: 59 (07/19/08 02:15 PM) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	Tags : None Dallas Mavericks owner Mark Cuban was among at least seven bidders who submitted proposals to purchase the Chicago Cubs, according to the Chicago Tribune. The deadline to submit bids for the iconic sports franchise was Friday. The newspaper reports the other bidders are a groups led by Rocco Landesman, a Broadway Theater owner; John Canning, chairman of Chicago-based private-equity firm Madison Dearborn Partner; Don Levin, owner of the Chicago Wolves minor-league hockey team; Thomas Ricketts, son of the founder of Ameritrade; Jim Anixter and attorney Thomas Mandler; and Sports Properties Acquisition Corp., a shell company. The Tribune also reports Syndicated Equities Corp., a real-estate firm, made an offer to buy Wrigley Field by itself. "I reject your reality, and substitute my own." - Adam Savage, Mythbuster
Lord Vanny		#1	[-]
Posts: 59 (07/23/08 02:12 PM) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	Here's the latest on the bidding process for the Cubs and Wrigley Field. Tribune Co. informed would-be buyers of the Chicago Cubs and Wrigley Field today whether they would be invited to continue in the auction based on last week's initial bids, with at least one previous front-runner seemingly on the outs -- at least for now. A group led by John Canning, chairman of Chicago private-equity firm Madison Dearborn, valued the Cubs, Wrigley and the team's stake in Comcast SportsNet at far less than the $1 billion or more that the four or five groups team owner Tribune Co. deemed satisfactory to continue, a source with knowledge of the process said. Canning declined comment. Even if Canning's bid has been cast aside by Tribune Co., that doesn't necessarily mean he and his group will walk away. Canning,a part-owner of the Milwaukee Brewers who enjoys ties to Major League Baseball Commissioner Bud Selig, an important figure in gaining MLB approval of a sale, could dramatically raise his offer in an effort to remain in contention for the Cubs, the source said. But Tribune Co., which also owns the Chicago Tribune, appeared to be serving notice in shooting down the lowball offer. The source indicated that the most important figures connected with any offer will be the ones with dollar signs, in order to maintain the integrity of the process and the media concern's fiduciary responsibilities. All 10 of the groups approved by Major League Baseball to receive financial information on the Cubs and related properties submitted bids by Friday's deadline, the source said, with as many as five invited to continue in the sales process, and given greater access to business data. Of the five to 10 offers fielded for just Wrigley Field, the source said three were deemed promising enough to be asked to continue in the process. "I reject your reality, and substitute my own." - Adam Savage, Mythbuster
Lord Vanny		#2	[-]
Posts: 59 (07/24/08 04:10 PM) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	The Sun-Times is reporting that Mark Cuban is one of the bidders who made the cut. NEW YORK -- Tribune Co. is inviting at least three potential buyers who each submitted bids for the Chicago Cubs and Wrigley Field near or above $1 billion to participate in a second round of proposals, according to a person involved in the process. Several bidders offering between $700 million and $900 million for all the properties have been excluded from the second round, according to the person, who spoke on condition of anonymity because of nondisclosure agreements governing all talk about the bids. Included in the second round are Internet billionaire and Dallas Mavericks owner Mark Cuban; the Ricketts family, which founded the brokerage that is now TD Ameritrade Holding Corp.; and a group led by Sports Acquisition Holding Corp. that includes former baseball home run king Henry Aaron and former Republican Congressman Jack Kemp. The last group is believed to be teaming with another bidder who submitted an offer in the initial round. John Canning, the chairman of private equity firm Madison Dearborn Partners LLC, which had been treated as the front-runner, did not make the initial cut, according to the person, who said Tribune is not letting any bidder eliminated after the first round submit a new higher proposal in the second round. The bidders still in the running will get more detailed financial information on the Cubs, Wrigley and the sports network before they are required to submit a new proposal. "I reject your reality, and substitute my own." - Adam Savage, Mythbuster
dickiejr		#3	[-]
Posts: 846 (07/24/08 06:51 PM) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	a billion dollars? they get wrigley too? amazing amount of money - how do you make that back?
Lord Vanny		#4	[-]
Posts: 59 (07/24/08 11:00 PM) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	The $1 billion+ bids are for the Cubs, Wrigley Field, and 25% ownership of Comcast SportsNet. Some of the ways to make that back are to sell the naming rights of Wrigley Field (and we all know how that will go over), increase ticket prices, increase advertising rates, cut the budget on the club (players' salaries, scouting, office staff, etc.), and that's just off the top of my head. Whoever ends up getting the team won't be making back that kind of money for many, many years. "I reject your reality, and substitute my own." - Adam Savage, Mythbuster

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