Come to Think of It: Assessing the Impact of Tom Ricketts or Marc Utay for Cubs

Updated on July 7, at 3pm CT

Just when we thought we had a new owner, now comes word that the ongoing saga of "Let's make a Cubs deal" has a new angle.

According to Crain's Chicago Business, the Tribune has reached a tentative deal with a second buyer for the Cubs.

The second bidders are a group led by private equity investor Marc Utay. The report says that the Tribune Company will present both this, as well as the Ricketts family proposal to the bankruptcy court.

"We have not reached an agreement on terms with either party," Tribune spokesman Gary Weitman said.

Utay apparently has less cash upfront but his total offer is larger than the Ricketts proposal.

This stinks of a shakedown of the Ricketts family by Tribune owner and resident sleazebag Sam Zell.

Prior to this updated news, it had been reported that the Tribune Co. reached a deal to sell the Chicago Cubs and Wrigley Field to the Ricketts family, according to ESPN Chicago.

It had been previously reported that the two sides had reached a sale agreement over the weekend and had forwarded the contract to Major League Baseball, according to the report.

Now, it appears the Tribune will forward both offers to the court, with one recommendation.

The deal must be approved by other baseball owners. With Tribune Co. operating under Chapter 11 bankruptcy, the sale also will need court approval.

Well, once the Ricketts or Utay era starts for our Cubbies, what will this mean for the ballclub?

Well, in the short term, probably nothing.

While both are businessmen, one would think that this is simply an unemotional investment for Utay, while Ricketts seems to have some genuine love for the Cubs.

Whether that love translates into anything better for the team is up for debate, however. Either way, this may take some time to finalize.

When the Tribune first purchased the Cubs in 1981, it took two and a half months to finish the deal. While ownership approval will likely be a formality, the whole bankruptcy thing could slow things down just a bit.

And, after dropping about $900 million in a bad economy on the team, don’t expect either group to be major buyers at the trade deadline even in the unlikely event that the sale is completed by then.

The Cubs have been a major success both on and off the field in recent years. Well, except for the playoffs.

But with the team drawing huge crowds every day, and the Cubs saddled with a $140 million payroll, it is very unlikely that either group will give Jim Hendry a blank check to operate with.

So the real questions start with the upcoming offseason. Once the ownership is settled, the first issue will be whether the Hendry/Piniella team will continue its run.

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