Zell: Cubs to sell by Opening Day

Dec. 20, 2007

(Crain’s) - The Chicago Cubs will be in new hands by Opening Day, Tribune Co.’s new CEO Sam Zell said Thursday.

The company also may sell naming rights to Wrigley Field, he told a roomful of journalists at the Tribune Tower, just hours after taking the company private in an $8.2-billion deal.

Based on transactions at other ballparks around the country, such rights could be “extraordinarily valuable,” he said.

Mr. Zell is selling the team and related assets, such as the ballpark and a cable TV stake, to help pay off Tribune’s $13-billion debt. He may sell the assets separately to boost his overall take from the transaction. As part of that strategy, he has been working on a possible deal with the governor to sell Wrigley Field to a state entity.

“We believe that that transaction, when completely vetted, is very beneficial for the city of Chicago and for the Cubs,” he said of the possible sale of Wrigley Field to the state.

A spokesman for Wm. Wrigley Jr. Co. declined to comment on whether the candy maker would consider purchasing naming rights for Wrigley Field, which has carried the Wrigley name since 1926.

"At this point (selling naming rights) is just speculation," he said. "There is nothing concrete for us to comment on at this time."

Mr. Zell will send out materials describing assets up for sale to potential bidders once he’s decided exactly how the deal will be packaged, he said.

http://chicagobusiness.com/cgi-bin/news.pl?rssFeed=news&id=27536