Results tagged “marcutay”

Like when we sell a Pitchfork ticket on Craigslist, the Tribune Company has lined up a second party to whom they can sell the Cubs (and the additional assets) should the current deal fall through. It's not really a shock; after all, crazier shit has happened in business and it's certainly one way of strong-arming the Ricketts into completing the deal that has dragged on for a bit. According to the Tribune report:

And you thought the Cubs' problems this season were confined to a shaky bullpen and quiet bats. It seems the Tribune Company isn't dealing with just the Ricketts family, the original high bidder, anymore. According to Crain's, a "period of exclusivity" has elapsed, opening the door for the Tribune Company to begin negotiating with other bidders, specifically those who the Ricketts had previously outbid. The group the Tribune Co. is now talking to includes investors Marc Utay and Leo Hindery, who had previously bid on the team.

At least three bidders met the Thanksgiving deadline to submit their proposals for buying the Chicago Cubs. Chicago real estate investor Hersch Klaff, the Ricketts family, founder of online brokerage TD Ameritrade Holding Corp., and a group led by Marc Utay, a New York private equity investor all turned in proposals over the holiday weekend. No word on the two other potential bidders, Houston businessman Jim Crane and Dallas Mavericks owner Mark Cuban. The package includes the Cubs, Wrigley Field, and Tribune's 25-percent stake in Comcast SportsNet