This is entirely possible, but:"I'd actually like to be finished by Opening Day, have the deal done," Cubs chairman Crane Kenney told writers as the first day of the two-day owners' meetings here got under way. "We're anxious to get the season started and have a new owner in place. That would mean being able to move forward with some things that have been idling for the last two years."
To achieve that goal, Kenney will have to have the prospective owner for a franchise vetted by its ownership committee. Once approval is given by that body, it is passed on to the executive council and then to a 75-percent vote of the 30 owners. The next owners meetings are not until May.
Complicating matters is the fact that the Tribune Co. filed for bankruptcy reorganization in December. Though the Cubs were not part of that filing, a bankruptcy judge will determine whether the sale of the Cubs is considered an asset to pay off creditors.
Kenney said he hopes that the court wouldn't intervene.
"[The court] could [order last-minute bids]," Kenney said. "But we've had such a long and open process with originally 10 bidders that I don't know that the court, especially in this economy, will have to do sort of a market check to see if there's a higher bidder than the one that results from the Tribune process. There have been enough bumps in this road."
Amen. Let's hope there are no more of those bumps. Time to move on and get new ownership in place, and out of the three remaining groups, my personal favorite is the Ricketts group. As always, we await further developments.
0 recs | 8 comments
I'm
at the point where I will be disappointed if Ricketts doesn’t end up with the club. It appears that he is the front runner.
bheidge - January 14, 2009
I like the ties
the Ricketts group has to the team. I see the Cubs like a rare gem. The owner needs to appreciate it and care for it for the next generation. As an aside, I think Zell must be looking in the mirror and going “D’oh” alot because of the Trib purchase and foot dragging on selling the Cubs.
ChicagoRobb - January 14, 2009
And it's official.
We’ve moved from the 2007 off-season of He Who Shall Not Be Named to the 2008 off-season of The Sale That Will Never Happen.
dtpollitt - January 14, 2009
Sold by opening day?
Of 2010 or 2011?
ak123 - January 14, 2009
THAT is the question!
cowsarecool220 - January 14, 2009
I think if Kenney...
really believes that the bankruptcy court is going to rubber stamp a billion dollar asset sale — especially given all the back story surrounding Zell’s murky attempts to structure a tax favorable deal — he should probably think about new work.
Damen Jackson - January 14, 2009
Ch. 11 court order(s)
is the wild card. Kenney and Co. can do all they want. If the court says something otherwise, I’m afraid ak123’s comment – albiet read as tongue in cheek – could actually be the case.
IMHO this is just a little nugget thrown out by Kenney to let people know they’re trying to expedite things. It should still be a hot discussion topic this weekend at 720 S. Michigan Ave.
blackhawk24 - January 15, 2009
Crane Kenney is crazy on this one
First, the MLB owners have to take a vote on any new owner. While that should be a formality these things take time to get scheduled, etc. Second, the new owner needs to make the active financial transaction, and in this credit market environment the process could be significantly delayed. Third, the complicated sale and bankruptcy process of the Tribune Company parent is going to weigh into the equation. Maybe very significantly if parts of this deal have to go before the attorneys and bankruptcy judge.
BLou - January 15, 2009
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