Spring Sale Expected for Cubs

Chairman says team should be sold by spring training

The Chicago Cubs will have a new owner by spring training, according to the team's chairman. 

Crane Kenney told the Chicago Tribune that the Cubs are mulling over the bids and expect the sale some time around the mid-February start of training in Arizona.

Kenney is denying reports that Tribune chief executive Sam Zell would hold on to a big stake in the team after its sale. "The bids that came in were for control of the team where for Sam, any interest would be a small interest," Kenney said. "I think at some point people were talking about Sam holding almost half of it. That's not the way they (bid). "People are ready to come in, and while the economy is as challenging as it is, I think the value of the franchise really hasn't changed long-term. I think the bidders are all well financed and understand that. They didn't deviate much from where the value should be." Earlier this week, the three top buyers surfaced as part of second-round bids.  A sale of the Cubs and Wrigley Field, the nation's second-oldest baseball stadium, would also include the company's 25 percent stake in a regional sports cable channel. Major League Baseball must approve the team's sale.

Copyright AP - Associated Press
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