01-06-2009, 02:09 AM
<!--quoteo-->QUOTE <!--quotec-->Tribune Co., owner of the Chicago Cubs, is close to selecting a winning bid for the team from three finalists, according to people familiar with the sales talks.
The Chicago-based media conglomerate has been evaluating bids since the beginning of December and could make a decision within a week to 10 days, sources said. But one source cautioned that the process of narrowing the auction to one bidder still could be derailed, and Tribune Co. could pull the team and its landmark stadium off the market.
The company, which is controlled by Chicago real estate investor Sam Zell, also has not held firm to past deadlines. Zell had said he hoped to select a winning bidder by the end of 2008. A Tribune Co. spokesman declined to comment Monday night.
Once the winning bid is chosen, the deal is far from completion. Tribune Co. plans to enter into negotiations with the prospective buyer to work out a sale. Tight credit markets make it more difficult to obtain loans to finance a transaction that could approach $1 billion.<!--QuoteEnd--><!--QuoteEEnd-->
Bidding For Chicago Cubs Could Be Near A Conclusion(Tribune)
The Chicago-based media conglomerate has been evaluating bids since the beginning of December and could make a decision within a week to 10 days, sources said. But one source cautioned that the process of narrowing the auction to one bidder still could be derailed, and Tribune Co. could pull the team and its landmark stadium off the market.
The company, which is controlled by Chicago real estate investor Sam Zell, also has not held firm to past deadlines. Zell had said he hoped to select a winning bidder by the end of 2008. A Tribune Co. spokesman declined to comment Monday night.
Once the winning bid is chosen, the deal is far from completion. Tribune Co. plans to enter into negotiations with the prospective buyer to work out a sale. Tight credit markets make it more difficult to obtain loans to finance a transaction that could approach $1 billion.<!--QuoteEnd--><!--QuoteEEnd-->
Bidding For Chicago Cubs Could Be Near A Conclusion(Tribune)
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