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Updated: April 2, 2007, 10:10 AM ET
Tribune Co. says Cubs will be sold after '07 seasonAssociated Press
CHICAGO -- Tribune Co. said Monday it plans to sell the Chicago Cubs at the end of the 2007 baseball season, putting one of its most valuable assets on the block as it simultaneously announced that real estate magnate Sam Zell was acquiring the media conglomerate.
Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million.
The buyout offer from Zell is valued at about $8.2 billion and will also include assets such as the Chicago Tribune, Los Angeles Times and TV stations.
"The Cubs have been an important part of Tribune for more than 25 years and are one of the most storied franchises in all of sports," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "In our last season of ownership, the team has one mission, and that is to win for our great fans."
Tribune said the company's 25 percent interest in Comcast SportsNetChicago would be part of the sale package.
Copyright 2007 by The Associated Press
23 comments on "Tribune Co. says Cubs will be sold after '07 season"
B_manoti (4/2/2007 at 10:12 AM)
All the Talk about Cuban buying the Cubs would be great!!! I am a long time Maverick fan (1990 to present) and married a huge Cub fan. I have seen Cuban work miracles in Dallas and he would do the same for the Cubs!!
Tribune Co. says Cubs will be sold after '07 seasonAssociated Press
CHICAGO -- Tribune Co. said Monday it plans to sell the Chicago Cubs at the end of the 2007 baseball season, putting one of its most valuable assets on the block as it simultaneously announced that real estate magnate Sam Zell was acquiring the media conglomerate.
Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million.
The buyout offer from Zell is valued at about $8.2 billion and will also include assets such as the Chicago Tribune, Los Angeles Times and TV stations.
"The Cubs have been an important part of Tribune for more than 25 years and are one of the most storied franchises in all of sports," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "In our last season of ownership, the team has one mission, and that is to win for our great fans."
Tribune said the company's 25 percent interest in Comcast SportsNetChicago would be part of the sale package.
Copyright 2007 by The Associated Press
23 comments on "Tribune Co. says Cubs will be sold after '07 season"
B_manoti (4/2/2007 at 10:12 AM)
All the Talk about Cuban buying the Cubs would be great!!! I am a long time Maverick fan (1990 to present) and married a huge Cub fan. I have seen Cuban work miracles in Dallas and he would do the same for the Cubs!!
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