John Canning, chairman of Chicago private-equity firm Madison-Dearborn Partners and noted dude with lots of money (private equity must pwn), is interested in the Cubs. His ownership group has long been mentioned as the frontrunner in the sale of the storied franchise mostly because he's really good friends with Bud Selig, and that is one of two big prerequisites -- the other being, you know, money -- for becoming a Major League Baseball owner.

Turns out, Canning might have failed at the money bit. His first offer lowballed the Cubs, and they dismissed it outright:

A group led by John Canning, chairman of Chicago private-equity firm Madison Dearborn, valued the Cubs, Wrigley and the team's stake in Comcast SportsNet at far less than the $1 billion or more that the four or five groups team owner Tribune Co. deemed satisfactory to continue, a source with knowledge of the process said. [...] But Tribune Co., which also owns the Chicago Tribune, appeared to be serving notice in shooting down the lowball offer. The source indicated that the most important figures connected with any offer will be the ones with dollar signs [...]

In other words, Canning's friendship with Selig isn't going to win him this outright, and he will have to pony up the cash to make his chances stick. Equally interesting will be what happens when Mark Cuban bids -- or maybe he'll just buy sports, and save us all the trouble.