Chicago Tribune: Bidding for Chicago Cubs may be near a conclusion

Tribune Co., owner of the Chicago Cubs, is close to selecting a winning bid for the team from three finalists, according to people familiar with the sales talks. The Chicago-based media conglomerate has been evaluating bids since the beginning of December and could make a decision within a week to 10 days, sources said. But one source cautioned that the process of narrowing the auction to one bidder still could be derailed, and Tribune Co. could pull the team and its landmark stadium off the market.
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Once the winning bid is chosen, the deal is far from completion. Tribune Co. plans to enter into negotiations with the prospective buyer to work out a sale. Tight credit markets make it more difficult to obtain loans to finance a transaction that could approach $1 billion.
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If the winning bidder is able to finalize a contract with Tribune Co., the buyer must be approved by three-quarters of baseball owners. It is also possible a bankruptcy court judge will have a say in the process, because Tribune Co. filed for Chapter 11 protection Dec. 8. The Cubs are not included in the filing, but the sale would generate proceeds for debtholders.