Results tagged ‘ Sam Zell ’
The Ricketts family will be introduced on Friday at Wrigley Field as the new owners of the Cubs. They purchased the team, Wrigley Field and a 25 percent share in Comcast SportsNet Chicago from Tribune Co. and Sam Zell for $845 million.
In an interview with Bloomberg Television, Zell was asked whether buying the Tribune Co. was the worst business decision he had ever made.
“It’s certainly the most amount of money I’ve ever lost in a single deal,” Zell said.
As for the Cubs, Zell apparently was unaware of Tuesday’s closing date. He did say he was happy for the Ricketts family.
“I think the team should be owned by somebody who is local, somebody who is really passionate about baseball,” Zell said. “I happen to be local. I’m not passionate about baseball, so I wish them all the best of luck. And maybe we’ll break the 101-year curse.”
— Carrie Muskat
Tribune Co. chairman Sam Zell says the sale of the Cubs to the Ricketts family is not a sure thing. In an interview with Bloomberg Television, Zell said: “We’ve made it very public that the Cubs don’t fit into the long-term picture of the Tribune. So if the Ricketts deal doesn’t get done, I’m sure there will be other ones.”
Zell told Bloomberg the credit market slump has contributed to the delay. “These are very difficult times,” he said. “These are difficult times to arrange financing.”
One of the issues still to be resolved is the value of the TV and radio contracts to broadcast Cubs games. The Ricketts family made a bid of about $900 million in January, and has raised $400 million by selling some of its shares in TD Ameritrade Holding Corp.
— Carrie Muskat