Financial Crisis Impacting Cubs Sale in a Big Way

Just under a month ago, we heard through more than one source that the field had been narrowed down on the bidders for the Cubs, Wrigley Field, and a 25 percent stake in ComcastSports Chicago, and with it, the winning bidder was rumored to be Thomas Rickett’s group. The sale agreement between new Tribune Co. owner Sam Zell and the Cubs would come a couple of days after the end of the World Series (see Rumor: Ricketts Will Land Chicago Cubs).

As the saying goes, that was then, this is now. Since we ran the story the financial landscape on Wall Street has been rocked with the credit markets taking a massive hit. So large has the drop been that it has redefined the upcoming Presidential election and in a recent poll, nearly 6 in 10 Americans believe a depression is likely.

With Zell looking to do a tax avoidance deal, the new would-be owners of the Cubs will need to be able to carry a large sum of credit, a near lofty notion given the credit crunch.

The Cubs deal has changed, and in a fashion far more dramatic than the Loveable Losers tanking in the first round of this year’s playoffs.

We had been hearing that the deal would be impacted with a possibility of the sale price dropping, to key bidders feeling the weight of the financial market crash, to an outright delay in the sale. Still, the deal was reportedly down to two bidders: Ricketts, and a second bidder not known.

Crisis on Infinite Credit Markets!