Tribune Co. Exploring Selling Wrigley To State For $200-300M
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Wrigley Sale Talks Still On Track Despite
Tribune Bankruptcy Filing, Arrest Of Illinois Gov. |
Tribune Co. is "exploring selling Wrigley Field to the State of Illinois, a transaction estimated to be worth" $200-300M, according to Johnsson & Sachdev of the CHICAGO TRIBUNE. Illinois Finance Authority (IFA) Chair William Brandt, whose organization would "issue bonds to buy the stadium," said that the prospective deal "covered only the sale of the stadium, not any renovations." Brandt added that negotiations are "'preliminary' since the form and amount of financing couldn't be determined" until Tribune Co. settles on a buyer for the Cubs. A financial adviser for one Cubs bidder said that he was "stunned to learn that Tribune Co. was negotiating a separate Wrigley deal, even as it asked for new bids for the package of sports holdings." Johnsson & Sachdev note the Wrigley sale talks "haven't been derailed" by Tuesday's criminal complaint against Illinois Gov. Rod Blagojevich or Tribune Co.'s bankruptcy filing on Monday. Tribune Co. Chair Sam Zell yesterday in an interview with CNBC said that discussions "have centered on 'whether or not a financing structure which separated the ballpark from the team might be beneficial to everybody involved, particularly guaranteeing the viability of Wrigley Field for the next 30 years.'" Johnsson & Sachdev note by using the IFA instead of the Illinois Sports Facilities Authority, Tribune Co. "wouldn't need to tap tax dollars and could reach a deal without having to seek approval" from state lawmakers (CHICAGO TRIBUNE, 12/11).
CUBS ROAM FREE: Zell yesterday appeared on CNBC’s "Closing Bell" to discuss Tribune Co.'s bankruptcy filing, including the impact it may have on the sale of the Cubs. Zell said he has "no reason to anticipate the sale schedule will be any different than what we’ve previously announced" due to the filing. He added, "I do not believe that the Cubs transaction will be impeded by the bankruptcy." Zell: "There was some speculation in the newspapers today that the filing had something to do with the fact that we got inadequate bids (for the Cubs). Nothing could be further from the truth" ("Closing Bell," CNBC, 12/10). Meanwhile, a federal bankruptcy judge in Delaware yesterday "approved motions" filed by Tribune Co. that will keep the company "operating while it tries to restructure its finances" (CHICAGO TRIBUNE, 12/11).
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