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Posted: Wednesday, 08 July 2009 9:48AM
Tribune Co.: NO Cubs deal, yet
Bob Roberts Reporting
WBBM Newsradio 780
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CHICAGO (WBBM) -- Tribune Co. Tuesday night flatly denied a Reuters report that it has agreed to terms for the sale of the Chicago Cubs to a group led by private equity investor Marc Utay.
"We have not reached an agreement on terms with any party," said Tribune spokesman Gary Weitman.
Despite the unnamed sources cited by Reuters, a source close to the Ricketts family said it remains confident that it will be the winner.
The source told WBBM late Tuesday afternoon that if a renewed bid by Utay is a pressure tactic by Tribune Co. CEO Sam Zell, the Ricketts family does not feel it.
The Chicago Tribune reported in Wednesday's editions that the Tribune Co. continues to discuss a deal for the Cubs, Wrigley Field and other assets with a group led by New York investor and former Chicagoan Marc Utay, citing two people familiar with the negotiations.
WBBM was told that the family's attorneys have been "amused and bemused" by the coverage of the second offer. The source said that the Utay offer is "not relevant" and may simply be a ploy to drive up the price, that the Ricketts family remains close to a deal and that financing is in place that will pass master with both the creditors' committee and bankruptcy court.
The source directed WBBM to the June 22 "Heard on the Field" column in the Wall Street Journal, which said that Tribune offered Utay a "kill fee for their potential deal to keep them in the game."
Utay has declined comment.
Both the bankruptcy court and major league owners would have to approve any deal to sell the Cubs, said to be in the $850 million to $900 million range.
WBBM's source said that attorneys for the Ricketts family and Tribune Co. continue to discuss details which may result in minor changes in the final sale price, but said the process is drawing to a close and "getting done."
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