Tribune hopes to resolve Cubs' park plan soon

By Ben Klayman and Megan Davies

CHICAGO/NEW YORK (Reuters) - Real estate tycoon Sam Zell's Tribune Co hopes to wrap up plans to sell Wrigley Field, the home of the Chicago Cubs baseball team, to the state of Illinois within the next couple of months, two sources close to the sales process said.

Until an agreement is reached or that process is abandoned, however, bidding that analysts say could top $1 billion for the storied baseball team, its home park and a stake in a sports cable television network is on hold, said the sources, who asked not to be identified due to the talks' sensitivity.

And the timeline could slip even further as the publishing and broadcasting company's talks with the Illinois Sports Facilities Authority, a state-created agency, have been slow due to input from the various state and city lawmakers who would have to support the deal, said the sources, speaking separately and without each other's knowledge.

More than 12 bidders have been approved by Major League Baseball to view the Cubs' financial documents once they are released, but that will not occur until the ballpark talks are resolved, the sources said.

"They're not out and they're not going to be out for a while," one of the sources said of the Cubs' financial books. The source said Tribune could resolve the question of Wrigley's future by early May.

Under the original plan, Tribune had aimed to sell the Cubs by the end of 2007; but that timeline has slipped as Zell, who led the buyout of the company last year, has moved to maximize profits by exploring the sale of Wrigley to the state.

In December, Chicago-based Tribune said it expected to complete the sale of all three assets in the first half of 2008 as part of its plan to pay down the heavy debt load incurred in the $8.2 billion buyout.

Several potential bidders have complained the Cubs are far less valuable without historic Wrigley as part of the package. However, other bidders have suggested they would not be opposed to the state buying Wrigley if it resulted in a favorable lease and avoiding heavy renovation costs.

The Cubs team is an icon due to its national TV exposure and a history of being "lovable losers."

One of the sources close to the talks said a successful resolution of the Wrigley sale, whether to the state or one of the interested bidders, could result in the combined price for the three assets significantly topping $1 billion. Tribune paid $20.5 million for the Cubs and Wrigley in 1981.

Zell wants to sell Wrigley to the stadium authority in a move analysts say could be tax-friendly to Tribune. The agency owns U.S. Cellular Field, home of the Chicago White Sox.

The stadium authority made an offer to buy Wrigley late last month, but it was rejected by Tribune Co, a third source familiar with the sales process said.

However, some state lawmakers have called such a move foolish in an uncertain economy when taxpayer money would be best spent on schools and other infrastructure projects.

Illinois Gov. Rod Blagojevich said last week he wants to ensure the Cubs play at Wrigley forever and mentioned the park's importance as a tourist draw. He added, however, that he doesn't want taxpayer dollars used in any deal.

One of the sources close to the talks said the hang-up in talks with the stadium authority is not about money but politics, as many lawmakers must approve the deal. Another question is how the authority would fund renovations at Wrigley that could costs hundreds of millions of dollars.