Tribune Plans to Sell Chicago Cubs
Monday, April 2nd 2007, 8:49 am
News On 6
CHICAGO (AP) _ Tribune Co. said Monday it plans to sell the Chicago Cubs at the end of the 2007 baseball season, putting one of its most valuable assets on the block as it simultaneously announced that real estate magnate Sam Zell was acquiring the media conglomerate.
Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million.
``The Cubs have been an important part of Tribune for more than 25 years and are one of the most storied franchises in all of sports,'' said Dennis FitzSimons, Tribune chairman, president and chief executive officer. ``In our last season of ownership, the team has one mission, and that is to win for our great fans.''
Tribune said the company's 25 percent interest in Comcast SportsNetChicago would be part of the sale package.