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Chicago Gets Googled
Even before the team was officially up for sale, there has been a great deal of speculation about who the next owner of the Cubs might be. While the media -- Chicagoist included -- has focused on the likes of Donald Trump, Ernie Banks and Mark Cuban as possible new team owners, if MLB commissioner Bud Selig gets his way the new owner will be less well known to most of us.
Fortune magazine is reporting that Selig is pulling for John Canning Jr., CEO of Madison Dearborn Partners, to buy the team. Canning's private equity firm, based in Chicago, is the one which recently purchased CDW for $7.3 billion.
So why Canning? He the deep pockets needed to buy the team -- it could cost as much as $1 billion to buy the Cubs. He has Chicago roots, and, "as part owner of the Milwaukee Brewers (he'd have to sell that stake), he's already a familiar face to the league's owners." Um... doesn't that also makes him some sort of traitor?
While Selig may be pulling for his buddy because he believes he'll be the best steward for the team in the future, the Tribune Co. has a different primary criteria in selling the team. Working with J.P. Morgan to handle the sale, as a public company the Tribune Co. needs to ensure the maximum sale price for its shareholders.
Cubs fans can only hold out hope that whomever has the deepest pockets -- or at least is willing to pay the most for the Cubs -- will be the best owner, too. Otherwise, the World Series drought could continue well past the century mark.
Photo via www.mdcp.com
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ugh. That guy couldn't name one player on "his" brewers!
um, yea, nevermind he's a huge baseball fan since he was a kid and a Brewer fan since he was a catcher in their minor league system in the 60s. I guarantee he knows the Brewers up and down.
JoeM500 - don't be an idiot. Baseball is Mr. Canning's life. When he failed as a catcher in the '60s, his life's mission became to one day own a baseball team. With all the wealth he has accumulated, the only true passion he has is baseball. He has demonstrated this by owning an 11% stake in the Brewers and majority stakes in the Albuquerque Isotopes and Norfolk Tides. On top of his ownership, he can often be seen at Miller Park, Wrigely Field and even Comiskey because he would prefer to be at a baseball game in summer than at another stuffy benefit dinner. Mr. Canning and Mr. McKenna would be perfect owners for my beloved Cubs. Please God let them get it. It would be hard to cheer them on if they were owned by anyone that was not a Chicagoan at heart...that means you Mark Cuban.
Madiosn Dearborn is going to own everything in this city unless we do something. We must rise up to stop this evil conglomerate.
but canning doesn't even blog.