Illinois-Based Real Estate Co. Submits $300M Offer For Wrigley

Inland Real Estate Submits $300M Offer To Purchase Wrigley Field

Illinois-based Inland Real Estate Group of Companies Inc. has "submitted an offer to buy Wrigley Field, betting that lease payments from the [Cubs] and eventual improvements to the ballpark will make it a decent investment," according to Roeder & Spielman of the CHICAGO SUN-TIMES. Sources Thursday said that Inland has "turned in the offer to Cubs owner Tribune Co." The amount of the offer is not known, but it is "believed to be close to $300[M], the sum [Tribune Co. Chair Sam Zell] wants out of Wrigley if he sells the team and the property separately." Inland Vice Chair Joseph Cosenza "would not confirm or deny any offer," but said that "investors would evaluate Wrigley the same way they would other commercial property." The Cubs had set Friday as the deadline for initial Cubs offers, and a source said that the Cubs had "received 20 offers for the park and 10 for the team or the combination of the team and the stadium." The team "plans to winnow the bids to a smaller group that would be invited into second-round talks" (CHICAGO SUN-TIMES, 7/18). Cubs Senior VP/Community Affairs Mike Lufrano said, “We really at the team level are focused on winning this year, are focused on a season we hope will be real productive come October, and we’ll let our ownership take care of the team” (“Chicago Tribune Live,” CSN, 7/17).

GREAT OUTDOORS: Cubs Senior VP/Community Affairs Mike Lufrano said the team’s first thought when approached about staging the Red Wings-Blackhawks Winter Classic outdoor game at Wrigley on New Year’s Day was “what a cool thing to do … for all the history that the ballpark is about.” Blackhawks Senior VP/Business Operations Jay Blunk said the game has a “chance for our brand to really change the DNA of the Blackhawks for this generation.” Blunk: “I think that’s one of those watershed moments in time where the Blackhawks will be on New Year’s Day playing the Red Wings at Wrigley Field. I think things could change forever from that point” (“Chicago Tribune Live,” CSN, 7/17).