Tribune May Retain Half of Cubs
Sam Zell's Tribune Co. may end up still holding 50% or more ownership in the Cubs. Tribune had been trying to sell the team for the past few seasons. In recent weeks an early plan to sell a 95% stake in the team has now fallen to a 50% stake or less. This is a result of the tight credit market. Because of the current state of the credit market there is a fear that few if any bidders would be able to complete the transaction to buy the storied franchised that was once valued at more than $1 billion.When Zell took control of Tribune and with it the Cubs in April of 2007 he had said that the sale of the Cubs, wrigley field, and a 25% stake in a regional sports network was a priority. He bought Tribune for $8.2 billion. Some feel that he made a major error by not selling the team right away. Now because of the credit market, the only way the team could be sold would be for Zell to sell off Tribune's interest in the team over time. It is not clear how long that would take since most likely the credit market would have to improve for that to occur. It seems like Zell and Tribune will be stuck with the Cubs for a longer time than he wanted.
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I am guessing that the cubs recent success has led to the tribune to rethinking about selling that much stock in them if they are going to be the team that so many people think they can be