Categorized | Chicago Cubs

And the Winning Bid Is???

Posted on 06 January 2009 by Lou

cubs cuban.jpg

Well it looks like we could have an answer soon.

No – – – it won’t be Mark Cuban, but the Cubs have announced that they will likely name the winning bid for the Cubs within the next 2 weeks. As we discussed in a previous December blog post, 3 bidders submitted final bids to purchase the Chicago Cubs back on December 1st. The plan is for the sale to be finalized by Spring Training and the new ownership team to be in place by Opening Day 2009. This has been a long process – Chicago real estate mogul Sam Zell purchased the Tribune Co. for $8.2 billion back in April 2007. The sale of the Cubs was announced shortly thereafter, but it has taken a longtime for bidders to analyze the product and the economic crisis facing the nation hasn’t helped matters.

Once the winning bidder is announced, the ownership group will need to be approved by 75% of the current MLB owners. But at that point, I would imagine it’s just a mere formality. I doubt Cubs Chairman Crane Kenney and Zell would select a bidder who they thought might not be approved by the MLB powers that be. Stay tuned – we should have some answers soon and then maybe we can resume the Peavy-to-Cubs-trade-talks again for the 100th time…

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