Chicago Cub Bidders Down to 5; Cuban Makes the Cut

Less than a week ago the Cubs announced that it had accepted 10 bids to purchase the Chicago Cubs from Sam Zell and the Wrigley Co. It even had 20 bids to purchase Wrigley Field separate from the team. Today, the Cubs are saying only 5 of those bidders remain. And all 5 of the remaining bids are reported to be over $1 Billion dollars.

Among the original 1o bidders was presumed front-runner and Bud Selig cohort John Canning, Jr., chairman of the Madison Dearborn Partners, LLC. Today, Canning is not even in the running. Per the Sun-Times this morning, the Cubs have rejected Canning's group's offer. Assumed MLB nightmare Mark Cuban, however, is still in the running.

This, to me at least, is a very interesting development in this deal. What's up? Did Canning think he had this purhcase, sorry, in the Can and low-balled his offer? Does Canning think he has some sort of wink wink, nod nod agreement with Selig and MLB that would allow him to skate through this process? Are Zell and the Cubs calling a Canning bluff with his low-ball offer?

Also, is Mark Cuban really a legit potential purchaser of the club? Or is Cuban and his celebrity being used as a pawn against Canning and/or other potential purchasers to drive up the price?

The 5 remaining bidders will get access to what the Cubs are calling "the data room" where they get more info on the club and are able to revise their bids accordingly. (Sounds a lot more like the champagne room to me.) Those revised bids are expected in September.

Interesting development here. Don't think for a second that Towel Drills won't be here following this one for you through completion of the sale.

Comment (1)

Anonymous

October 14, 2008 at 10:52 AM

Are you that starved for attention that you have to play reporter????