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Sports Biz
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So you'll read today that the Chicago Cubs will likely have a winning bidder in the next week or so. Don't believe it. Not going to happen.
Here's what is going to happen.
Over the next five to 10 days, Tribune Co. [TRBCQ
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] will identify a supposed winning bidder. Now, despite the fact that the Chicago Cubs are not part of Tribune's Chapter 11 bankruptcy filing, the Cubs will still have to come before the bankruptcy court because its holding company filed.
The court is then expected to open up the bidding again to show that it is looking out for the creditors. A winning bidder will be selected again. That bidder will then needs to be approved by Major League Baseball.
Cubs fans, don't expect to know who your owner is by the end of January.
The three bidders include Tom Ricketts of InCapital LLC, Chicago real estate magnate Hersh Klaff and Marc Utay of Clarion Capital.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes