Zell Pulls No Punches Talking About Impending Cubs, Wrigley Sale
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Zell Discusses Plans To Sell Cubs, Wrigley
Field During CNBC Appearance |
Tribune Co. Owner Sam Zell appeared on CNBC’s “Squawk Box” yesterday to discuss the state of the Cubs and his plan for the team and Wrigley Field in '08. Zell: “We intend to sell the Cubs and we intend to sell the Cubs on our timeframe and in the manner in which we choose to do so. The fact that other people have opinions as to what we should or shouldn’t do is very interesting, just like I could have opinions about what you should do.” Zell said Tribune Co. has “worked on a structure where we separate Wrigley Field from the team. We think that’s best for us. We think that’s best for any owner and, most important of all, we think it’s best for the city of Chicago.” When asked about the “debate” going on about the future of the Cubs and Wrigley, Zell said, “Excuse me for being sarcastic, but the idea of a debate occurring over what I should do with my asset leaves me somewhat questioning the integrity of the debate. There’s a lot of people who would like to buy the Cubs and would like to buy the Cubs under their terms and conditions and, unfortunately, they have to deal with me.” Zell, on the role MLB will play in approving a new owner: “I don’t think the MLB element is going to be much of an issue.” Zell, on naming rights for Wrigley: “Wrigley Field is known worldwide, but in the world of economics, when I bought the Tribune I didn’t get a discount because I wasn’t going to use the naming rights that that field represents. Perhaps the Wrigley Co. will decide that after getting it for free after so long that it’s time to pay for it” (“Squawk Box,” CNBC, 2/26).
MORE ZELL: In Illinois, Mike Imrem writes Zell is "trying to maximize revenues, thus inflating the Cubs' value." Cubs management has "been given the resources to win this season, presumably so the franchise's sale price goes up." What makes Zell "admirable in a business sense is that he isn't trying to fool anybody by saying what the public wants to hear." Imrem: "No wonder North Side sentiment is that Zell better sell the Cubs and Wrigley Field sooner than later; later than sooner would mean more sacrilege to this religion and graffiti on its cathedral" (Illinois DAILY HERALD, 2/27).
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