Wrigley Condition Less Dire In Docs Sent To Potential Buyers
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Bid Books Paint Prettier Picture Of Wrigley
Field's Condition Than Earlier Reports |
Documents received Tuesday by prospective buyers of the Cubs and Wrigley Field offer a "less dire portrait of the aging park's condition" than earlier reports that suggested Wrigley "needed urgent costly repairs," according to sources cited by Phil Rosenthal of the CHICAGO TRIBUNE. Two separate books are in circulation. One book, at around 125 pages, covers "financial information and other data for the team, Wrigley Field, and Comcast SportsNet Chicago." The second book, at around 75 pages, was sent "only to potential bidders for Wrigley and covers only that property." Sources said that no asking price was given and that the books make "no specific representation as to the condition of Wrigley Field and the work that needs to be done." The books indicate that Wrigley can "continue to function with appropriate maintenance." But Rosenthal notes there are "economic incentives, such as the addition of suites and other amenities, that might make a more immediate overhaul desirable" (CHICAGO TRIBUNE, 6/11).
LEADING CANDIDATES: The WALL STREET JOURNAL's Matthew Futterman cites sources as saying that the leading contenders to buy the Cubs include Madison Dearborn Partners Chair & CEO John Canning; TD Ameritrade Holding Corp. Founder J. Joe Ricketts; and Mavericks Owner Mark Cuban. A source indicated that the Cubs are "expected to generate more than $250[M] this year." Cubs Chair Crane Kenney said that the team's revenue in the past six years has "nearly doubled" (WALL STREET JOURNAL, 6/11).
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