Tribune Co. Intends To Keep Minority Interest In Cubs After Sale
Tribune Co. Chair Sam Zell indicated that the company "expects to retain a minority interest" in the Cubs when it sells the team, according to Phil Rosenthal of the CHICAGO TRIBUNE. Zell: "In all likelihood, the company will keep some kind of minority interest in the Cubs. An asset like that is an extraordinary asset for ego gratification and identification, none of which the Tribune took advantage of ... nor do I think they were capable of doing that. It belongs in entrepreneurial hands and I think that would benefit the team, the city and, for sure, Tribune." Rosenthal notes Tribune would "realize some tax benefits in such an arrangement, but the small stake would protect its TV and radio assets' long-standing -- and financially beneficial -- links to the team" (CHICAGO TRIBUNE, 6/4). REUTERS' Ben Klayman cites a source as saying that Tribune "plans to keep a 5[%] stake" in the Cubs as "part of a leveraged partnership structure that has tax advantages for the company." The source said, "There's some tax structures that they're contemplating, which would have them retain a small percentage ownership." The source added of Zell, "He's very tax oriented. Let's just put it that way" (REUTERS, 6/4).
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