Auction for Cubs Nears End

Chicago institution breaks Blagojevich news, and is a player in corruption allegations

(NEWSER) - What a difference a day makes for the Chicago Tribune, which yesterday broke the story of Illinois Gov. Rod Blagojevich’s arrest, and was itself an object of his alleged corrupting intentions—just a day after its parent company declared bankruptcy, the Wall Street Journal notes. “It’s pretty electric right now,” a top editor said of the newsroom atmosphere. More»

(NEWSER) - Chicago Cubs brass expects the team to be sold by spring training, the Tribune reports. The chairman of the team, which is in the midst of a century-long title drought, says it is reviewing bids and could have a deal in place by February. Crane Kenney also shot down rumors that Sam Zell's Tribune Company would hold onto to a big part of the team. “Any interest would be a small interest,” he said. More»

(NEWSER) - It looks like the Cubs are returning to family ownership, the Chicago Tribune reports. The billionaire Ricketts family is the winning bidder to buy the baseball team from Sam Zell's Tribune Co. The $900 million deal isn't sealed yet—other baseball owners must approve, for one thing—but it's expected to be complete before spring training in April. The Wrigley family owned the team for 65 years before selling to Tribune in 1981. More»

Saddled with debt, media company looks at Chapter 11

(NEWSER) - The Tribune Co. has hired a financial adviser to help it file for bankruptcy as early as this week, the Wall Street Journal reports. Facing $12 billion in debt and shrinking profits, the owner of the Chicago Cubs and several newspapers has also brought in legal counsel to guide it through bankruptcy court. The Tribune's new adviser, Lazard Ltd., is savvy at debt restructuring and has helped other newspaper companies. More»

Company now wants to sell franchise in parts, conflict with MLB possible

(NEWSER) - The Cubs' owners stoked fears of a long ordeal today by announcing their plan to sell the franchise in parts. Such a sale would limit Bud Selig’s influence over the deal and might garner the Tribune Co. more cash, the Los Angeles Times reports. But selling the field, network and land separately may take more time than the Trib can afford. More»