The Cubs are for sale, but don't expect a deal to be struck anytime soon. According to USA Today, the Tribune Co. has been dragging their feet in getting the process started:Tribune put the team and historic Wrigley Field on the block in April, saying it would sell the team after the season and intended to do so by the end of the year. But its bankers have yet to send out detailed financial information to prospective bidders and are not expected to do so until mid-September, jeopardizing that timetable.I have to wonder, might Tribune be slow-playing this in order to see how the playoffs shake out? Think about it: if the value of the team and all of its assets (Wrigley Field and a 25% stake in the local Comcast sports channel) is currently pegged at $1 billion, what might it be worth if the Cubs actually won the World Series this year? Even if it doesn't drive the final price up, Tribune would still be in a good position to collect revenue through the post-season. It's probably foolish to look that far ahead, but it's something to think about.
A source familiar with the sale process said there's no chance of the sale being completed this year, with a more realistic target now baseball's opening day in spring 2008. The source, who declined to be identified out of concern of disrupting the process, said "five or six legitimate groups" have emerged as would-be buyers, but declined to give details.
But what having the sale postponed does mean is that the Cubs front office won't know this winter whose money they're spending and how much they're allowed to dole out. That didn't stop the team from spending on free agents last winter (or extending Carlos Zambrano last month), but it may have been the reason why the Cubs pulled out a prospective deal at the last second earlier this summer that would have sent Jacque Jones to the Marlins.
(hat-tip: Biz of Baseball)
