Tribune Co. Receives At Least Three Bids For Cubs By Deadline
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Tribune Co. Receives At Least Three Bids
For Cubs By Thanksgiving Deadline |
At least three prospective buyers of the Cubs "submitted second-round bids to Tribune Co." by the Thanksgiving deadline, according to sources cited by Ameet Sachdev of the CHICAGO TRIBUNE. Chicago real estate exec Hersch Klaff, the family of Chicago-based investment banking firm Incapital Holdings Founder & CEO Thomas Ricketts and a group led by Clarion Capital Partners LLC Managing Partner Marc Utay reportedly are "in the hunt to land" the franchise. Sources declined to comment on the size of the three bids, and the reported bidders declined to comment. Two other finalists, Mavericks Owner Mark Cuban and Houston business exec James Crane, "did not return messages seeking comment, and it could not be determined as of Monday evening whether they had submitted new bids." A source indicated that Cuban "has not been active in the sales process for months." Sachdev notes the "financial crunch likely will impact the size of the offers, as the cost of financing has risen, and lenders are hesitant to extend credit." A CreditSights Inc. analyst last week wrote in a report, "We have always doubted the ability to obtain a price over $900[M] for the Cubs, and those doubts have been reinforced by the collapse in the credit markets and the attendant compression of asset valuations" (CHICAGO TRIBUNE, 12/2). The WALL STREET JOURNAL's Matthew Futterman reports Cuban was "offered the opportunity to submit a new bid" (WALL STREET JOURNAL, 12/2).
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