Chicago Cubs bidders line up to take a swing

By Ben Klayman and Robert MacMillan

CHICAGO/NEW YORK (Reuters) - Two potential bidders for the Chicago Cubs said they only want the professional baseball team if the deal includes the landmark Wrigley Field, with one bidder saying he was willing to pay what would be a record price.

Chicago real estate magnate Sam Zell won a bid for Cubs owner Tribune Co. on Monday, offering to take the newspaper publisher and broadcaster private in a deal valuing it at $8.2 billion.

To help finance the deal, Tribune said it would sell the Cubs. But Zell said in a newspaper interview he may sell Wrigley, the second oldest ballpark in baseball, separately.

The Cubs are an icon due to their national TV exposure and a storied history that includes several well-known misses on the field that gave them the image of being "lovable losers."

Some analysts have said the Cubs could attract bids topping the $700 million, including debt, that an investor group paid for the Boston Red Sox and a large stake in a regional cable TV sports network in 2002.

Others say a $1 billion price tag is within reach.

William Marovitz, a real estate developer and former state senator, told Reuters on Wednesday he has a bidding group for the Cubs and Wrigley Field, which was built in 1914.

"I would never be part of a Cubs ownership that didn't involve Wrigley Field," said Marovitz, whose wife is Playboy Enterprises Inc. Chief Executive Christie Hefner.

Marovitz said the $700 million figure quoted by analysts seemed reasonable. "If the due diligence and the facts and the documents that we see merit it, we would be able to pay a figure in that range."

Zell said in a Chicago Tribune interview he may try to sell Wrigley Field separately from the Cubs, and that it was likely the ballpark would never be used for anything other than Cubs baseball. He did not return a phone call seeking comment.

Tom Begel, founder and chairman of Chicago-based private-equity firm TMB Industries, told Reuters he was willing to buy the Cubs and has a group in place.

He would not name other participants, but said they are ready to use equity and debt to finance the purchase. Whatever the price, he said the ballpark must be part of the deal.

"There's no way they're going to sell the Cubs without selling Wrigley Field," said Begel. He declined to discuss price.

Other names linked to the Cubs as potential owners have been Michael Krasny, billionaire founder of computer retailer CDW Corp., and restaurateur Larry Levy, whose company handles the food concessions at many U.S. stadiums.

Marc Ganis, president of Chicago-based sports business consulting firm Sportscorp Ltd., said the price for the team, Wrigley Field and the SportsNet stake could top $1 billion.