Updates on the bidding for the Cubs
Of the 10 groups approved to bid for the Cubs by Major League Baseball, only those that bid $1 billion or more for the team, its home ballpark Wrigley Field and a stake in a regional sports TV network advanced to the next round, said two sources, who asked not to be identified because the process is ongoing.
While Tribune and baseball officials declined to comment, three sources said Internet billionaire Mark Cuban, owner of the National Basketball Association Dallas Mavericks; and a publicly held group led by New York City taxi tycoon Andrew Murstein were among those advancing.
Others advancing included Tom Ricketts, chief executive of Incapital LLC, a Chicago securities and investment banking firm, and son of the founder of TD Ameritrade Holding Corp; and a group headed by Michael Tokarz, chairman of MVC Capital Inc, one of the sources said. The Tokarz group includes Fred Malek, who previously bid on the baseball team in Washington.
Among those eliminated was John Canning Jr., chairman of Chicago private equity firm Madison Dearborn Partners, one of the sources said. He was an early favorite to win the bidding because of his close ties to baseball commissioner Bud Selig. … Don Levin, owner of the Chicago Wolves minor league hockey team, also confirmed he had been eliminated from the process after bidding under $1 billion. "What they said to me was that other people were in a completely different zip code," he said of the bidding.
Cuban and Ricketts I’ve heard of. I’d heard of Canning and Levin as well, but apparently they’re not in the picture anymore. (Although the Tribune last night hinted that Canning might find his way back into the bidding.) I’ll do some more looking into these folks and get back to you.