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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

(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.

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)

The Chicago Cubs and the Los Angeles Dodgers line up before the first inning of baseball at Wrigley Field in Game 1 of the National League division series in Chicago. (AP Photo/Charles Rex Arbogast)

This Aug. 27, 2008 file photo shows Chicago Cubs manager Lou Piniella watching from the dugout during a 2-0 Cubs win over the Pittsburgh Pirates in a baseball game in Pittsburgh. (AP Photo/Gene J. Puskar, File)

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Auction for Cubs Nears End

But team a long way from sold

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Major Leaguer Hits Ump in Face

Texas Rangers catcher Yorvit Torrealba gets mad after strikeout

Cubs' Santo Wins Hall of Fame Nod

Induction comes roughly a year after his death

Dodgers File for Bankruptcy: Manny Ramirez Biggest Creditor

Move comes days before payroll due

Cubs Great Ron Santo Dead at 70

Third-baseman became legendary broadcaster

Trib CEO to Jump Before Being Pushed Out

Randy Michaels expected to resign this week

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Auction for Cubs Nears End

But team a long way from sold

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OTHER STORIES ON OUR RADAR

sports • Chicago Cubs • Sam Zell • Chicago • Tribune Company • bankruptcy • baseball

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Major Leaguer Hits Ump in Face

Texas Rangers catcher Yorvit Torrealba gets mad after strikeout

Cubs' Santo Wins Hall of Fame Nod

Induction comes roughly a year after his death

Dodgers File for Bankruptcy: Manny Ramirez Biggest Creditor

Move comes days before payroll due

Cubs Great Ron Santo Dead at 70

Third-baseman became legendary broadcaster

Trib CEO to Jump Before Being Pushed Out

Randy Michaels expected to resign this week

About Us

Site

Newser By Users

Community

Site Maps

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More News

What is Newser?