GO
Loading...

Chicago Cubs Draw Bidders; Deal Could Top $1 Billion: Source

The Chicago Cubs franchise, being sold by media group Tribune, has attracted credible interest from about 15 parties, and a deal for the baseball team and other assets is expected to top $1 billion, according to a source familiar with the situation.

Wrigley Field in Chicago.
Jeff Roberson
Wrigley Field in Chicago.

First-round bids are likely due after the Sept. 3 Labor Day holiday, with a winner expected to be picked in October. A deal is expected to close by the end of the year.

The winner must be approved by Major League Baseball.

The three assets being sold -- the Cubs, the team's landmark Wrigley Field stadium and an interest in sports cable network SportsNet Chicago -- could be sold as one package or split up, the source said.

In addition to the 15 credible expressions of interest, another 25 or so are being sorted through by the sellers, the source said.

To receive the confidential information about the Cubs needed to make an offer, a prospective bidder must fill out an application form that is evaluated by the sellers and submitted to Major League Baseball for approval.

The initial set of applications has been submitted to Major League Baseball and after approval, parties will be given access to financial and other information.

Tribune , which is being taken private in an $8.2 billion deal led by real estate magnate Sam Zell, declined comment.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Don't Miss

U.S. Video

  • CNBC's Michelle Caruso-Cabrera reports Cuba's relationship with Venezuela and Russia are in focus because of the decline in oil prices. Cuba gets more than half of its oil from Venezuela every day.

  • Paul Ingrassia, Reuters managing editor, provides insight to the impact of the oil decline on auto markets around the world. He says bigger vehicles will be in next year.

  • CNBC's Phil LeBeau shares his top expectations for the auto industry in 2015, including sales close to or above 17 million vehicles, and a big year for SUVs.