Economy slams Cubs sale process
Monday, December 1, 2008
A year ago, when Sam Zell announced the Cubs would be sold, a veritable pool of piranhas lined up to devour the team. But, after a tumultuous second half of the year, the economic environment looks bleak for investors who planned to use debt in their pursuit of the Chicago National League Ball Club.
With banks and credit markets largely closed for business, Crain's Chicago Business is reporting that most likely only three groups submitted bids for the 'final' round of bidding on the team, and the names are not terribly familiar to those following the process for some time.
The most recognizable name is that of the Ricketts family, founders of TD Ameritrade, who have been considered black horse candidates since the beginning. Hersch Klaff (a real estate mogul) and Marc Utay (a private equity investor) are the others rumored to have submitted bids.
It does not appear that Mark Cuban, Don Levin, or John Canning Jr. bid on the team.
Crain's: Cubs' Bidders cut to three.
Posted by Byron at December 1, 2008 3:28 PM
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