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MLB

Everyone Wants to Buy the Cubs

With the Cubs streaking and trading for Rich Harden and leading the National League and the All-Star break and all those good things, it's easy to forget the Cubs are for sale. Well, the Cubs are for sale. Today Inland Real Estate, which is based in the Chicago area, made an offer for Wrigley Field and the Sun-Times mentioned that there might be 30 offers for Wrigley, the Cubs, or the combination of the two:
Sources said Thursday that Inland Real Estate Group of Companies Inc., based in Oak Brook, has turned in the offer to Cubs owner Tribune Co. The amount of the offer couldn't be learned, but it is believed to be close to $300 million, the sum Tribune Chairman Sam Zell wants out of Wrigley if he sells the team and the property separately.

[...]

The company's size and prominence indicates the depth of interest in the investment potential of Wrigley Field. One source close to the Cubs sale process said the team has received 20 offers for the park and 10 for the team or the combination of the team and the stadium. Financial experts have said that the Cubs-Wrigley combination could command more than $1 billion.

Apparently Sam Zell hasn't decided if he's going to sell the team and the park as a package deal or separately. It's interesting that there's so many offers for the field itself. Would separate buyers result in a huge raise in the lease for the Cubs? Would it result in changing the name of the field? Actually, it probably wouldn't go that far (changing Wrigley's name would be some really bad press), but these are all things to keep in mind.

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