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FOR SALE: Cubs BaseballPosted Monday, December 8, 2008, at 12:21 PM
According to the Tribune Company's last 10-Q filing with the SEC in November 2008, the Cubs baseball team is up for sale and will likely be 'disposed of' in 2009. See this link for more info: http://corporate.tribune.com/tribune_sec...
After all, it has been no secret that the Tribune Co., owner of the Cubs team, has seen better times, financially-speaking. In November, Standard & Poor's cut the company's ratings even deeper into 'junk' territory, citing financing difficulties. More recently, some rumors are swirling that the company may even seek out bankruptcy protection, if things do not turn around in the very near term. Given the company's financial difficulties, many wonder if the sale of the Cubs will even bring 'fair market value' for its owner? Of course, their now 100-year title drought for a World Series win could also factor into the final price tag. Comments Showing comments in chronological order [Show most recent comments first] |
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"Tribune Co.--owner of the Los Angeles Times, Chicago Tribune, Baltimore Sun and other dailies--filed for Chapter 11 bankruptcy Monday."
Like most major newspapers the internet is killing their advertising dollars (plus Sam Zell had a huge debt when he bought into this newspaper/baseball business). But the Cubs, they are superb with generating advertising dollars. The lovable losers, if they never win a World Series (and that seems likely), will continue to be a great draw for Chicago and for WGN.
They are still pursueing Jake Peavy however, and according to the Sun Times this morning, "Though various reports said the Cubs couldn't swing a deal because of their uncertain ownership situation, a high-level source shot down that speculation." Jake has a $63 Million guarantee over the next four years with the Padres that the Cubs would have to cover and, of course, they gave Dempster about $52 Million for four years just a month ago.
So what's a few Million Dollars when you're $13 Billion in debt. "Fair market value"? I don't get it Chris, what would be considered the "fair market value" in an economy such as this?
Simmons, I'd be worried about salary promises and 'guarantees' from a bankrupt employer, if I was one of those players. Personally, I give 'em $1 for the team, but I'm obviously not a fan. That's my "fair market value" for them. PS - you need to read my post on better bed sheets http://gcdailyworld.com/blogs/chriswathe... if you're up at 2:57AM commenting.