Chicago Cubs: Tribune Desperate to Sell
It was reported yesterday that the Tribune has set a deadline of Nov. 26 for the final bidding on the unlucky Chicago Cubs.
After losing $121M in the 3rd quarter, Zell is looking to unload the Cubs to help with the dramatic loss in revenue. What does this mean for Mark Cuban?
Despite rumors that Mark Cuban has no chance at buying the club, Cuban will most likely be the highest bidder again. Perhaps his bid will be a short of the previous bid of $1.3B, considering the decrease in value over the past couple of months.
It seems Zell’s risk of waiting to see if the Cubs would win the World Series backfired. Instead he finds himself trying to sell in a buyer's market with an economy that weakens daily.
What should we expect?
Who knows!? We do know that the incestuous MLB organization is rooted in old school politics, and a flamboyant, progressive Mark Cuban is considered a threat to the even-keel league. However, the league is in jeopardy with its lopsided support, and Mark Cuban may just have the innovative ideas to help broaden the success of the league.
With that, we may be able to assume that the next owner will be Tom Ricketts, if he bids. Or, Selig’s boy Canning may try to short bid again knowing that Selig will get the MLB owners to vote against Cuban. Either way, Zell is not going to get his $1.3B for the Cubs. Time will tell folks.
If you remember back in September, I wrote a letter to Senator George Mitchell and he responded in kind, expressing that he would keep an eye on how things progressed. I recently emailed the Senator and identified the media rumors that the MLB would stunt Cuban’s bid. His administrative assistant (per George) thanked me for the note and ensured me that he was still following the progress.
Wouldn’t that be something if the Senator stepped in and mediated in Cuban’s defense? Stranger things have happened: Jesse Ventura was a governor!
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