Cubs Sale Update
The Wall Street Journal is running a story that indicates the Cubs sale may be postponed again. (Deadline Bends in Cubs Bidding: WSJ.com (subscribtion required)
Just days ago, finalists to purchase the storied baseball franchise were told to deliver revised bids and financing plans by Nov. 27. But with continuing instability in the credit market making the process more arduous, groups vying for the team learned late this week the deadline was now considered soft, according to two people involved with the sale.
Now bidders say uncertainty among major lenders has made determining the value of the team and the costs of a bids more difficult and time-consuming, making the Thanksgiving deadline all but impossible to meet. Mr. Zell's recent offer to keep as much as 50% of the team for an undetermined period would make buying the Cubs more affordable. But Tribune's worsening debt problems have heightened the risk of a potential leveraged partnership with the distressed company.
At the rate this sale is progressing, I'm guessing we don't see a finalized transaction until November 2009.