Cubs Sale Still in the Air
June 18, 2009 by Mark Ellis
Filed under Business
While it seemed that Tom Ricketts and his family would be the proud new owners of the Chicago Cubs, the Tribune may still be investigating the rest of its options. Reports have indicated that Tribune Co. is in talks with one of the other finalists in the Cubs purchase because of the difficulty it has had trying to negotiation with the Ricketts family.
According to a story in the Chicago Tribune, the finalist in question is a group led by Marc Utay, a partner in a New York private equity firm. Originally from Illinois, Utay was one of the three finalists in the talks to purchase the baseball team, but in the bidding round, he came up short to Tom Ricketts.
Tribune Co. has been relatively tight-lipped regarding the transaction, only stating that it is still in talks with the Ricketts family and that it will do whatever is best for the company. The Ricketts family maintains that things are going smoothly and that talks have not been slowed by the recent development.
Image: Flickr
