City Room™ - News In Brief - Tribune Re-Thinks Sale of Cubs

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Tribune Re-Thinks Sale of Cubs
Produced by Tony Arnold on Friday, June 19, 2009

Photo by Therese Flanagan

The Tribune Company is re-thinking its sale of the Chicago Cubs. The company had been working toward a deal with a Nebraska investor.

The Ricketts family, out of Nebraska, had been leading the pack of deals for the Cubs, with an offer of $900-million. A spokesperson for the Ricketts says talks are moving positively and most of the pieces for a deal are in place.

But now the Tribune is also re-evaluating other offers. Marc Utay put in a bid for the Cubs earlier. He's an investor out of New York and is believed to be back in the running. He declined to say whether he's involved in negotiations.

The Tribune says it has a responsibility to pursue a deal that's in the company's best interest. The company filed for bankruptcy last year.