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.
“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.
“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.