Image
Cub Fans May Have Tribune Company to Kick Around Some More
Two developments on the ownership front:
As reported by Chris de Luca in the Sun-Times and noted by a reader under the previous post, there is z-e-r-o chance that MLB owners will approve beer-drinkin' regular guy/billionaire Mark Cuban as the next owner of the Cubs. According to de Luca, this seems to place "the group headed by John Canning, Jr.—(Commissioner Bud) Selig's personal favorite—back as the frontrunner."
On a related note, Friday's Wall Street Journal reports that Tribune Company may retain 50% ownership of the team anyway.
In recent weeks, an early plan to sell a 95% stake has fallen to about half as suitors' ability to buy the team and its landmark stadium on Chicago's North Side waned, according to two people involved in the negotiations. On Thursday, bidders were preparing to receive a request to submit new purchase proposals with financing details, those people said.
The shift in strategy is a result of the tight credit market and a heightening fear that few, if any bidders, would be able to complete a transaction once valued at more than $1 billion. Under the new scenario, the windfall to Tribune would be far less.
"This will still generate substantial cash," said one person with knowledge of the sales process. "We're talking hundreds of millions of dollars."
While the Cubs and Padres dance around a possible deal for Jake Peavy, there was another bit of Padres news this week that is very loosely connected to the Cubs.
Matt Vasgersian, who has done TV play-by-play for the Pads since 2002, is leaving San Diego for the job of lead studio host with MLB Network. Vasgersian, who worked Brewers games before heading west, was mentioned as a candidate for the Cubs job when Chip Caray left and was ultimately replaced by Lenny Kasper.
The greater connection between Vasgersian and the Cubs, however, lies in the fact that it was Vasgersian on the mic during a Padres game in May, 2006, when former Cub great Rick Sutcliffe stumbled into the booth (literally) and made his infamous drunken cameo appearance. (Kudos to Gaslamp Ball for retaining this unforgettable piece of baseball history.)
Comments