Bidding for the Chicago Cubs baseball team is being narrowed down, with one of the three remaining proposals a favored bid, a source familiar with the situation said on Thursday.Bring it on. Let's end this whole era where the Cubs have been for sale for how long now? Two or so years? I want to see the brand new start so let's bring it on!
It was unclear which of the three bidders has been selected. However, the source said groups led by Tom Ricketts, chief executive of Chicago investment bank Incapital LLC and the son of the founder of TD Ameritrade Holding Corp.; and Marc Utay, a managing partner with New York-based private equity firm Clarion Capital Partners LLC, have moved ahead of Chicago real estate executive Hersh Klaff.
Tribune Co, which owns the Cubs, has wrestled with the differences in the bids submitted by Ricketts and Utay, whose group includes Leo Hindery, who heads a private equity firm and previously ran YES Network, the TV channel of the New York Yankees baseball team, three sources familiar with the process said. Ricketts' bid includes more cash up front, while Utay's offers a higher overall value.
One source said Ricketts appeared to be the favored bidder, but that could not be confirmed.
Thursday, January 22, 2009
Cubs favoring one bidder for team: source
Well an update from the post I wrote last night about the Cubs from Reuters: