WrigleyField posts
FeedPosted Jun 10th 2008 5:49PM by Jon Ogg (RSS feed)
Filed under: Movers and shakers, Raising money, Private equity industry, Value and lack thereof, Public or private?
If you are Sam Zell right now, you are probably sitting there wondering why on earth as an old billionaire that you thought an old world media property with very little in new media that you'd have to shrink and break apart to profitability was such a good idea. Tonight, that looks even more so the case.
According to MLB.com Tribune Co. rejected a no-tax proposal in the sale of Wrigley Field to the Illinois Sports facilities Authority, which also owns and operates the Chicago White Sox U.S. Cellular Field as well.
If you read the full article you'll see how this may also impact the sale of the Chicago Cubs as well. Zell announced in April 2007 that the Cubbies were to be sold. Interestingly enough, the Cubs are also in first place in the NL Central division.
Posted Sep 17th 2007 4:00PM by Tom Barlow (RSS feed)
Filed under: Deals, Television, Private Equity, Tribune Co. (TRB), Business of Sports
Many people are puzzled over Sam Zell's highly leveraged
$8.2 billion purchase of the Tribune Co. in light of the decline in the newspaper business. One of the diamonds in the deal, however, is the Chicago Cubs, and indications are that he intends to quickly mine that gem for all it's worth.
According to the
Los Angeles Times, the
Tribune Co.'s (NYSE:
TRB) avowed intention to sell the Cubbies may be considerably more complex than most franchise sales. The Tribune owns not only the ball club, but also
the ballpark, and 25% of the cable TV network that carries its broadcasts, and could choose to sell them separately.
The Cubs, despite a century-long title drought, continue to draw capacity crowds to legendary Wrigley Field, over three million last year alone. This year, to the surprise of most prognosticators, the team is fighting for the NL Central pennant, great timing for the sellers. According to
Forbes, the team alone is currently worth $592 million, on an operating income of $22 million.
Continue reading Tribune may sell Cubs, Wrigley Field separately
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