01-10-2009, 09:19 PM
From the Financial Times...
http://www.ft.com/cms/s/0/8e356554-de7e-11...0077b07658.html
<!--quoteo-->QUOTE <!--quotec-->Tribune bankruptcy delays Cubs sale
By Kenneth Li in New York
Published: January 9 2009 23:14 | Last updated: January 9 2009 23:14
The naming of a lead bidder for the auction of the Chicago Cubs baseball team will likely be delayed until the middle of next week as the bankruptcy of Tribune, team owner and publisher of the Los Angeles Times, has made the process more difficult, according to people briefed on the discussions.
Since filing for bankruptcy in December, Tribune’s creditors are now seeking a bigger cash component in the deal. Sam Zell, Tribune owner, who had hoped to retain a nearly 50 per cent stake in the team to minimise tax liabilities, is now seeking a much smaller single-digit percentage stake.
“They want cash,” one source said. The bidders will “have a lot more equity than a year ago.”
Three bidders submitted last minute details this week and some had originally expected a decision as early as yesterday. A sale is seen fetching $850m to $900m, the source said.<!--QuoteEnd--><!--QuoteEEnd-->
http://www.ft.com/cms/s/0/8e356554-de7e-11...0077b07658.html
<!--quoteo-->QUOTE <!--quotec-->Tribune bankruptcy delays Cubs sale
By Kenneth Li in New York
Published: January 9 2009 23:14 | Last updated: January 9 2009 23:14
The naming of a lead bidder for the auction of the Chicago Cubs baseball team will likely be delayed until the middle of next week as the bankruptcy of Tribune, team owner and publisher of the Los Angeles Times, has made the process more difficult, according to people briefed on the discussions.
Since filing for bankruptcy in December, Tribune’s creditors are now seeking a bigger cash component in the deal. Sam Zell, Tribune owner, who had hoped to retain a nearly 50 per cent stake in the team to minimise tax liabilities, is now seeking a much smaller single-digit percentage stake.
“They want cash,” one source said. The bidders will “have a lot more equity than a year ago.”
Three bidders submitted last minute details this week and some had originally expected a decision as early as yesterday. A sale is seen fetching $850m to $900m, the source said.<!--QuoteEnd--><!--QuoteEEnd-->