June 19, 2009

Report: New bidder in sale of Chicago Cubs

The Tribune Co. is looking a second bidder for the sale of the Chicago Cubs, the Chicago Tribune said.

Unidentified sources confirmed to the newspaper a group led by New York investor and former Chicagoan Marc Utay recently entered into separate discussions to purchase the major league club because of a lack of progress on the sale by the Ricketts family and businessman Sam Zell, its primary owners.

Our goal, and responsibility, is to pursue a transaction that is in the best interest of the company, Tribune Co. spokesman Gary Weitman told the newspaper. We won't comment on specifics of any potential transaction.

Hersch Klaff, a Chicago real estate investor and one of the finalists in an auction earlier this year to sell the team, told the newspaper Thursday he is no longer interested.

The sources also said originally the purchase price was set at $900 million.