Auction for Cubs Nears End

But team a long way from sold
By Kevin Spak,  Newser Staff
Posted Jan 6, 2009 12:43 PM CST
A Chicago Cubs fan sits alone in the stands after Game 2 of the National League division series against the Los Angeles Dodgers in Chicago.   (AP Photo/Charles Rex Arbogast/FILE)
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(Newser) – The bidding for the Cubs is nearly over. The Tribune Co. could select a winner from the three finalists within a week to 10 days, the Chicago Tribune reports, but that doesn’t necessarily mean the team is about to be sold. Tribune would still need to negotiate with the winner and could still pull the team off the market.

Even if it doesn’t, three-quarters of baseball owners will have to bless any deal, and a bankruptcy court could insert itself into the process as well. Though the Cubs aren’t part of the Tribune’s Chapter 11 filing, the team’s sale would generate proceeds for debtholders. The team’s buyer would also likely need to hunt for loans in a tight credit market to close the deal.