Trib to Sell Cubs Piece by Piece

Company now wants to sell franchise in parts, conflict with MLB possible
By Nick McMaster,  Newser Staff
Posted Sep 15, 2007 6:38 PM CDT
Trib to Sell Cubs Piece by Piece
Lifelong Chicago Cubs fan Jerry Pritikin joins the faithful on opening day outside Wrigley Field which is up for possible sale along with the Cubs as a result of the deal for Tribune Company to be acquired by real estate investor Sam Zell. Monday, April 9, 2007 in Chicago.(AP Photo/M. Spencer Green)   (Associated Press)

(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.

And things could get sticky with Selig: Baseball has approval rights over the team's sale, but Trib shareholders will want the highest bidder – a buyer who may or may not be to MLB’s liking. "So this pits the principle of fiduciary responsibility against the right to belong to a club,” says a baseball exec. “The odds are it's going to be a long, drawn-out process."   (Read more Chicago Cubs stories.)

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