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Sale of Cubs and Wrigley Field Reaches Next Stage
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Tribune Co. is inviting at least three potential buyers who each submitted bids for the Cubs and Wrigley Field in Chicago 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.
A Tribune spokeswoman said yesterday that the baseball team would not have any comment on the status of the sale, which also includes the team's minority stake in a Chicago regional sports TV network.
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 Hank Aaron and former Rep. Jack Kemp. The last group is believed to be teaming with another bidder who submitted an offer in the initial round.
John Canning, 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.
Canning is a minority owner of the Brewers and close friends with Commissioner of Baseball Bud Selig.
· YANKEES: Barry Bonds in pinstripes? If nothing else, the Yankees talked about it. High-ranking team officials gathered for meetings at their spring training complex in Tampa, a day off for the team before it begins a three-game series tonight in Boston.
Missing injured sluggers Hideki Matsui and Jorge Posada, the Yankees discussed ways to improve for the stretch run as next Thursday's trade deadline approaches. After a three-hour meeting, co-chairman Hank Steinbrenner confirmed that one of the topics was Bonds.
Steinbrenner wouldn't say if the Yankees are interested in Bonds, but it appears unlikely the team will pursue him -- partly because it's so late in the season. The slugger, who turned 44 yesterday, became a free agent when the Giants did not bring him back this season.
· METS: Pedro Martínez arrived home to the Dominican Republic after the death of his father.
