By Ben Klayman
NEW YORK (Reuters) - Media group Tribune Co TRB.N will release financial data on the Chicago Cubs, the storied baseball team, to potential buyers in January, Major League Baseball Commissioner Bud Selig said on Wednesday.
When Tribune put the Cubs up for sale in April, the company hoped to seal the deal before the end of the year, with analysts estimating that bids might top $1 billion.
But sources familiar with the matter said earlier this month that the process would likely be delayed until next year.
"They haven't even gotten the book out yet to the potential buyers of the club, and now they say that won't come until January," Selig told the Reuters Media Summit, referring to the financial information. "People haven't even started bidding yet."
While Selig said he had no idea when a deal could close, the sources suggested it could easily drag into next season, which begins March 31, 2008. Reuters reported in July that the club had attracted credible interest from about 15 parties, with another 25 being sorted through.
The Cubs are an icon due to their national television exposure, landmark ballpark and a history of being lovable losers. Tribune also plans to sell Wrigley Field and a stake in sports cable TV network SportsNet Chicago.
Potential bidders include John Canning Jr., chairman of private equity firm Madison Dearborn Partners; William Marovitz, a real estate developer and husband of Playboy Enterprises Inc (PLA.N: Quote, Profile, Research, Stock Buzz) Chief Executive Christie Hefner; and a partnership of attorney Thomas Mandler and Jim Anixter, president of electrical wire and cable maker A-Z Industries of Northbrook, Illinois.
Others, according to media reports, include Mark Cuban, Internet billionaire and owner of the Dallas Mavericks of the National Basketball Association; the family of Joe Ricketts, the founder of Omaha, Nebraska-based TD Ameritrade Holding Corp (AMTD.O: Quote, Profile, Research, Stock Buzz); and a group headed by MVC Capital Inc MVC.N Chairman Michael Tokarz. Continued...
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