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Financial Books on the Cubs to Be Delivered Next Week PDF Print E-mail
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Written by Maury Brown   
Thursday, 05 June 2008 23:50

Sam ZellNo, you’re not reading a duplicate posting. In early May, we ran Financial Book on the Cubs Expected This Week. Now, Sam Zell, the owner of the Tribune Co. and the Cubs said this time it’s really happening, with next week being the delivery date. When does Zell want to close the deal and complete the sale? A month after the books are delivered. As reported by Business Week:

Tribune continues to explore a possible sale of Wrigley by itself to an Illinois state agency but won't delay the overall sale while trying to make that happen, he said.

"Regardless of the direction of the deal, we are committed to maximizing the value of the assets," Zell said. "There's never been a better time to market the team and the ballpark. The Cubs are in first place and driving record attendance."

And, while Zell really has no interest in baseball, he is looking to retain a minority stake in the Cubs, which will allow him to dodge taxes on the sale, while protecting television and radio assets directly tied to the Cubs.

Back to the sale date of a month after the financial book is delivered to bidders. Commissioner Selig has said that he wishes to see the sale completed as soon as possible, but even on a fast-track one can see the sale not occurring until after the All-Star Game.

 
 
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