It was reported yesterday that the Tribune has set a deadline (Nov. 26) on the final bidding for the unlucky Chicago Cubs. After losing $121M in the third 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, but perhaps well short of the previous bid of $1.3B considering the decrease in value over the past couple of months.
Seems Zell’s risk of waiting to see if the Cubs would win the World Series backfired, and instead is currently swimming in 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 (if he is the highest bidder). Either way, Zell is not going to get his $1.3B for the Cubs. Time will tell folks.
Special Note: if you remember back in September, I wrote a letter to Senator George Mitchell and he responded in kind, expressing that we 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!