CHICAGO -- Tribune Co. said it plans to sell the Chicago Cubs at the end of the 2007 baseball season, putting one of its most valuable assets on the block as it simultaneously announced Monday that real estate magnate Sam Zell was acquiring the media conglomerate.
Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million.
Prominent names mentioned as possible buyers of Chicago's "Lovable Losers":
• Jerry Colangelo, former D-Backs, Suns owner
• Mark Cuban, Dallas Mavericks owner
• George Will, national columnist
• Bill Murray, actor
• Don Levin, Chicago Wolves owner (minor-league hockey)
"The Cubs have been an important part of Tribune for more than 25 years and are one of the most storied franchises in all of sports," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "In our last season of ownership, the team has one mission, and that is to win for our great fans."
Tribune said the company's 25 percent interest in Comcast SportsNetChicago would be part of the sale package.
The Cubs' strength as a sports franchise -- and the lure of potentially steering them to their first championship since 1908 -- has attracted the interest of many potential buyers. Billionaire entrepreneur Mark Cuban, actor Bill Murray and columnist George Will are among those rumored to have interest, along with numerous Chicago business figures.
Jerry Colangelo, chairman of the NBA's Phoenix Suns and former owner of both the Suns and baseball's Arizona Diamondbacks, told The Associated Press in November that he would have "great interest" in buying his hometown baseball franchise if it became available and had already held preliminary discussions with others who might join him in a bid.
Speculation that the struggling Tribune Co. might sell the Cubs ramped up last fall when it put itself up for possible sale, under pressure from disgruntled shareholders. It intensified with the club's offseason spending spree, including signing outfielder Alfonso Soriano to an eight-year contract for $136 million -- the fifth-richest contract in major league history.
Tribune had said for months that it would focus first on a sale of the entire company before considering selling individual pieces, which also include 23 television stations and 11 newspapers, including the Chicago Tribune, Los Angeles Times, Newsday and eight other dailies.
The Tribune Co. bought the Cubs for $20.5 million in 1981. Some analysts have estimated the franchise could fetch a $600 million sale price.
That sale was announced Monday morning when it said it had agreed to a complex deal in which Tribune will go private and billionaire Zell will invest $315 million in the deal.
Cubs President John McDonough said the mission has not changed for the team.
"The goal is to win a World Series for our great fans," he said. "Under the leadership of Lou Piniella, we are on track and believe 2007 will be a very successful season."
The fact the ownership change will not occur until after the season will help maintain the focus on day-to-day operations, he said.
While the Cubs are renowned for their losing ways, they also have become more of a box-office success under Tribune's ownership and have spent dramatically more money in recent years, as McDonough noted.
Others who expressed interest in buying the Cubs recently include Chicago businessman Don Levin, owner of the Chicago Wolves minor-league hockey team, and a prospective ownership group of 15 investors that includes Tom Begel, chairman of Chicago-based TMB Industries.
Local News
Chicago's Tribune Co. to sell Cubs
- Local News
-
-
Wind farm company seeks tax abatement
Howard County officials are being asked to consider a 10-year tax abatement for the proposed wind farm in the eastern portions of the county.
-
Local ceremonies honor those who fell in combat
Everyone who had gathered Monday afternoon at Darrough Chapel Park was there to remember the hundreds of names below their feet. Each brick in the Howard County Veterans Memorial’s Walk of Honor had the name of a soldier who died in battle.
-
Carver Center selects new director
Former Kokomo city councilman Dennis Morgan is expected to take the reins at the Carver Community Center, just ahead of the annual Ribfest fundraiser.
-
Colts ‘bring blue’ to Kokomo with team’s Fan Fest
The Indianapolis Colts will host a Fan Fest from 4:30 to 6:30 p.m. June 22 at Foster Park, 721 W. Superior St., Kokomo. A free community concert by Poco will begin at 6:30 p.m.
-
$50,000 pantry fundraiser at $4,390
A fundraiser for Howard County food pantries was less than one-tenth of the way to the goal at the campaign’s half-way mark, according to one of the organizers.
-
Fans remember Dan Wheldon at Indy 500
Fans of the Indianapolis 500 took time on race day to remember Dan Wheldon, the popular driver who died in a crash last year at Las Vegas Speedway.
-
Sixth-grader read dictionary twice to prepare for spelling bee
Sixth-grader Pranav Haran spent six weeks reading through the entire dictionary twice.
That’s more than 472,000 word entries.
-
Library building costs may rise to finish project
The Kokomo-Howard County Public Library’s Outreach Building is looking good from the outside, but library officials indicated this week they’ll need additional funds to complete the project.
-
Graduation has been a long time coming
People always told Megan McCall that she would never amount to anything, but her mom knew she would prove them all wrong some day.
-
Blood drives will honor fallen officers in June
Throughout the month of June, the American Red Cross will participate in the statewide Fallen Officer Blood Drive Campaign. This is the sixth year the Red Cross will host blood drives across Indiana to honor fallen officers and raise awareness of the need for blood.
- More Local News Headlines
-
Wind farm company seeks tax abatement
Air Canada Plane Makes Emergency Landing
Raw Video: 19 Dead in Qatar Shopping Mall Fire
Beryl Makes Landfall on Florida Coast
Service Dogs Help Wash. Soldiers Battling PTSD
Raw Video: Heckler Bursts in on Blair Testimony
Japan Farmers Plant, Seek Radiation-free Rice
UN Blames Syrian Forces for Shelling Houla
Raw Video: Gay Protest Blocked in Moscow
Vatican in Chaos After Butler Arrested for Leaks
Jimmy Carter Endorses Egypt's Election Results
Biden Addresses West Point Graduating Class
Dozens of Children Killed in New Syria Attack
Raw Video: Activists Allege Massacre in Syria
NJ Man Charged With Murder in Death of Patz
Support, Fun for Kids of Fallen Soldiers at Camp
Fugitive Penguin Caught, Returned to Aquarium
50 Years Later, Underground Fire Still Burning
Light Show Transforms Sydney Opera House
Raw Video: Unruly Passenger Restrained in Miami
Raw Video: Robber Uses Drive-thru Window
