Tribune Co.'s Zell Pitching Wrigley Field To Private Investors
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Zell Pitching Wrigley Field To Investors,
Hoping To Sell Separately From Cubs |
Tribune Co. Chair Sam Zell is "pitching a sale of Wrigley Field to private investors, clinging to his hope that unloading the ballpark separately from the Cubs will fetch a bigger price than selling them as a package," according to Colias & Saphir of CRAIN'S CHICAGO BUSINESS. A source said that Zell has identified "more than 10 commercial real estate firms and investment groups he believes will be interested in buying the stadium without the team." The source added that "several groups have approached Tribune about buying the park, but the company hasn't held formal discussions" (CRAIN'S CHICAGO BUSINESS, 5/26 issue). Meanwhile, sources said that although the Illinois Sports Facilities Authority “will step up with a revised proposal to buy Wrigley Field from Tribune Co., the chances of such a deal succeeding appear to be waning,” as the Tribune Co. is “no longer willing to keep the sales process on hold.” ISFA Chair James Thompson said, “We are going to ask Tribune to resume negotiations this week. We’ll introduce new elements.” Cubs Chair Crane Kenney said, “We haven’t shut the door on anything. ... If he has a transaction that makes sense for all three, we’ll reconvene” (CHICAGO TRIBUNE, 5/28).
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