Crane Kenney Reaffirms Cubs Will Be Sold By Spring Training
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Kenney Hopes Cubs Sale Is
Complete By Spring Training |
Cubs Chair Crane Kenney indicated that he "expects the team to be sold by spring training" while denying speculation that the Tribune Co. "would retain ownership of almost half the team," according to Paul Sullivan of the CHICAGO TRIBUNE. Kenney said, "The bids that came in were for control of the team where for [Tribune Co. Chair Sam Zell], any interest would be a small interest. I think at some point people were talking about Sam holding almost half of it. That's not the way they (bid)." More Kenney: "People are ready to come in, and while the economy is as challenging as it is, I think the value of the franchise really hasn't changed long-term. I think the bidders are all well financed and understand that. They didn't deviate much from where the value should be." Kenney said the sale "could take as long as [Zell] wants it to," but added for "all of our benefit, we hope by spring training we're finished" (CHICAGO TRIBUNE, 12/6). In Illinois, Bruce Miles reported Kenney also announced that ticket prices for the '09 season "would be frozen for 33[%] of Wrigley Field but that the Cubs also were creating a new high-end category of games called the 'platinum' level, which encompasses 14 popular dates and opponents." Kenney said that the platinum dates and price increases "would help to underwrite a player payroll that easily could top the $140[M] mark." He said that the team will still offer $9 seats at selected games, and that the "overall price increase for the non-platinum dates is 6[%]." Kenney added that the new seat level "was created after the Cubs studied StubHub." Kenney: "What we learned is, quite appropriately, a lot of our season-ticket holders use those marquee games (to sell) and underwrite their whole season. If they move those seats, they basically can offset the cost of the rest of the season" (Illinois DAILY HERALD, 12/6).
TRIBUNE FILING FOR BANKRUPTCY? The WALL STREET JOURNAL's Berman, Ovide & Karnitschnig cite sources as saying that Tribune Co. is "preparing for a possible filing for bankruptcy-court protection as soon as this week ... in a sign of worsening trouble for the newspaper industry" (WALL STREET JOURNAL, 12/8). The economic climate has "hampered the company's attempts to sell assets, in particular the Cubs, at a premium price to help it cover accelerated debt payments next year." A Tribune exec said, "Getting a deal done on the Cubs or on a number of other properties is extremely difficult. Other sources of capital and debt have been significantly hampered. Layer on that a business that has been in decline for years and a failing economy, and it's a perfect storm" (L.A. TIMES, 12/8).
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