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June 26, 2008
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Tribune Delays Cubs Bid Deadline Amid Wrigley Revenue Questions

Tribune Co. Pushes Back Deadline For 
Cubs, Wrigley Bids Amid Revenue Questions
Tribune Co. has pushed back from July 9 to July 31 the "deadline for interested buyers to bid on the Cubs, Wrigley Field or both amid questions about the opportunity for continued revenue growth" at the ballpark, according to Fran Spielman of the CHICAGO SUN-TIMES. Tribune Co. delayed the deadline in order to "give the Cubs a chance to respond to questions about optimistic revenue assumptions in the 300-page book distributed to rival bidders." The bid books "reportedly assume the gravy train will continue and spell out how it can be done -- with or without a $400[M] Wrigley renovation that could add luxury skyboxes and up to 1,000 additional seats." The books also "assume that the growth will be enough to support an annual lease payment of $25[M] if the stadium and the team are sold to separate groups." But Spielman notes several bidders "are not so sure." Sources yesterday said Tribune Co. Chair Sam Zell is "completely agnostic" about selling the Cubs and Wrigley as a package or separately (CHICAGO SUN-TIMES, 6/26).

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