This morning, I ever-so-briefly covered the news that John Canning's ownership group, long considered the frontrunner for Cubs ownership, had its low offer laughed out of the room. Initially, it seemed Canning would be able to submit a second, higher bid, but according to the Associated Press' source that's not the case. Canning is out of the picture, and only three remain. This should be fun:

Included in the second round are Internet billionaire and Dallas Mavericks owner Mark Cuban; the Ricketts family, which founded the online brokerage that is now TD Ameritrade Holding Corp.; and a group led by Sports Acquisition Holding Corp. that includes former baseball home run king Henry Aaron and former Republican Congressman Jack Kemp. The last group is believed to be teaming with another bidder who submitted an offer in the initial round.

One name sort of sticks out, doesn't it? All eyes are on Cuban now, as the Tribune Company has officially proven they care far less about Major League Baseball's ownership politics -- the idea that Cuban is too brash for baseball doesn't seem to bother Sam Zell -- than the amount of zeros on the napkin.

How many zeros? All three remaining bidders bid at least $1 billion. (For the Chicago Cubs. That actually happened.)

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.

The Cubs' sale trudges onward, and little or no detail has trickled out. The candidates -- which include Dallas Mavericks owner Mark Cuban and Chicago rich dude John Canning -- are, along with their chances of owning the team, still relative unknowns. Who's going to pony up the cash?

The Chicago Tribune reminds that the money question might be the least important one. Instead, it will matter who is "most acceptable" to Major League Baseball, which we all knew but which has never been made as clear as it is today:

Canning is the leading contender not only because of his wealth and local ties, but also because he's part-owner of the Milwaukee Brewers, a team once controlled by Major League Baseball Commissioner Allan "Bud" Selig. [...] Selig has stated publicly that Canning is a "very close personal friend of mine," as are other members of Canning's group, which includesMcDonald's Corp. chairman Andrew McKenna, who served as chairman of the Cubs early in Tribune's ownership. Canning declined to comment on his relationship with Selig or his front-runner status.

[...] "If you're not acceptable to baseball, it's something that doesn't really resolve itself," Stone said. "There will be somebody else around who is acceptable."

In other words, if Canning bids the same amount of money as other prospective owners (including Cuban), Canning will get the team because ... he's friends with Bud Selig. That seems fair, and by fair, I mean incredibly nepotistic. And wrong.

In a deal that would make them the costliest franchise ever bought and sold, the Chicago Cubs, according to this story, are set to cost $1 billion dollars to whoever is lucky enough to inherit the storied club.

Muahahaha! Ah, the Tribune Company and Dr. Evil ... rich, dastardly, inept to the point of comedy. And now this. Will the similarities ever end?

The bidding will begin this summer and will probably stretch beyond the fall's World Series. The Tribune Co. has hired J.P. Morgan Chase (Charts, Fortune 500) to advise on the sale, and the key for the investment bankers is finding a potential owner who can pay top dollar yet pass muster with Major League Baseball.

[Leading candidate, friend of Bud Selig John] Canning is said to be working with New York investment bank Allen & Co. and its managing director Steve Greenberg, who coincidentally is the son of Hall of Famer "Hammerin' Hank" Greenberg. Steve has an impressive baseball résumé himself, having played in the minor leagues for the Washington Senators after graduating from Yale. He also served as a deputy commissioner of MLB.

Of course, along with all the tradition and history and Old Style comes a literally crumbing ballpark in Wrigley Field and a team with a bloated, back-loaded payroll that hasn't won a World Series since just after the Spanish-American War. But hey, it's Wrigley baby! Wooooo!