John Canning Jr. Adds Strong Local Ties To Cubs Bid Group

Madison Dearborn Partners Chair & CEO John Canning Jr., who is forming a group to bid on the Cubs, has “assembled a formidable group of two dozen members of the city's business elite to give his bid both financial clout and added local credibility,” according to Yerak & Oneal of the CHICAGO TRIBUNE.  The bid group includes the following.

SALE DETAILS: A source familiar with the sale said, "They are all active philanthropically and active in the community.”  The group has hired Allen & Co. Managing Dir Steve Greenberg as its financial adviser. While MLB says that local ties and long-term commitment “are important factors,” the owners of the Brewers, Red Sox, Dodgers and A's are all out-of-towners. Yerak & Oneal note what these owners, “and Canning, have in common is that they are friendly with Selig and other MLB owners” (CHICAGO TRIBUNE, 8/2).