A Favorite Picked in the Sale of the Cubs

According to a report from the Chicago Tribune, “Tribune Co. executives have chosen a favorite among three bids for the Chicago Cubs and have given that recommendation to the unsecured creditors committee in the company’s bankruptcy case.

The Ricketts Family, Hersch Klaff and a group led by Marc Utay are the trio in the auction with many feeling The Ricketts Family remains the leader in the proverbial clubhouse. All three bidders have been assigned a number and their names have been removed from the bids.

From the Tribune:

“Once Tribune Co. chooses among them, it will begin an exclusive negotiating period with the winner to reach a final deal, which would have to pass muster with Major League Baseball.”

Dave Kaplan reported during Sports Central on Tuesday night that his sources indicated a winning bidder could be announced by Thursday….and The Wall Street Journal reported last weekend the announcement was expected in the coming week.

From the Tribune:

“It wasn’t certain if the committee would return its own verdict Thursday, but its blessing may be the final hurdle to picking a finalist.”

The Tribune Co. must make their decision soon. The team is past due to have a new owner and in the current economy financing becomes more and more difficult on a daily basis.

From the Tribune:

“Sources among the bidders, who have been patiently waiting for a decision for many months, grumbled this week that every passing day makes it more and more difficult to lock down financing for a Cubs deal that has been complicated by the Chapter 11 filing.”

Thursday could be a big day for the entire organization.

Quote of the Day

"The struggle you're in today is developing the strength you need for tomorrow. Don't give up." - Robert Tew
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