Tribune CEO Sam Zell said yesterday that the media conglomerate has chosen five bidders for the Chicago Cubs.
Zell said during a conference call with lenders that separate bids have been made on Wrigley Field, the nation's second-oldest baseball stadium. The team's sale must be approved by Major League Baseball.
"We hope to have a deal to MLB by the end of the year," said Zell, the real estate mogul who last year led an $8.2 billion buyout of the company, whose holdings include The Baltimore Sun. He said he expects "rapid" approval.
Tribune is selling the ballpark, baseball team and a 25 percent interest in a local sports channel to raise cash to pay down $13.4 billion in debt, mostly related to the buyout.
MLB in June sent out financial books on the three properties to nine preapproved bidders.
The list reportedly included a group headed by John Canning, chairman of private equity firm Madison Dearborn Partners LLC; billionaire and Dallas Mavericks owner Mark Cuban; and the family of online brokerage Ameritrade's founder, Joe Ricketts.
People familiar with the process - who declined to be named because of confidentiality agreements - told the Associated Press after the deadline for initial bids passed July 18 that Tribune had narrowed the field to five. In the conference call yesterday, Zell assured lenders the company is on track to meet a $593 million debt payment in June.
RED SOX: : Boston is close to making a trade for Braves center fielder Mark Kotsay, ESPN and ESPN The Magazine reported. ESPN.com has learned that Kotsay, a 12-year veteran who is hitting .289 with six home runs and 37 RBIs this season, cleared waivers earlier this month, freeing the Braves to trade him to any other team. Kotsay did not start last night. The trade talk arose as J.D. Drew was placed on the 15-day disabled list with a lower back strain, leaving Boston without its All-Star right fielder. In other news, Josh Beckett felt strong in a 50-pitch side session and is on target to start Friday night against the White Sox. Beckett missed a turn in the rotation because of numbness and tingling in his right arm.
YASTRZEMSKI: : Hall of Famer Carl Yastrzemski has been released from a Boston hospital one week after having triple-bypass heart surgery. The former Red Sox left fielder was discharged yesterday, according to team spokesman John Blake. He had surgery at Massachusetts General Hospital after experiencing chest pains. Yastrzemski, the last player to hit for baseball's Triple Crown by leading the American League in batting average, homers and RBIs in 1967, turned 69 on Friday. His family released a statement after the surgery saying it was "a complete success."
