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3 Bids Near $1 Billion Have Tribune Chewing On Wrigley, Cubs Deal

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The Associated Press

Published: July 25, 2008

NEW YORK - Tribune Co. is inviting at least three potential buyers who each submitted bids for the Chicago Cubs and Wrigley Field near or above $1 billion to participate in a second round of proposals, according to a person involved in the process.

Several bidders offering between $700 million and $900 million for all the properties have been excluded from the second round, according to the person, who spoke on condition of anonymity because of nondisclosure agreements governing all talk about the bids.

A Tribune spokeswoman said the baseball team would not have any comment on the status of the sale, which includes a minority stake in a Chicago regional sports TV network.

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 thought to be teaming with another bidder who submitted an offer in the initial round.

All three of the reported potential buyers refused Thursday to comment publicly. However, the person involved in the bidding provided to The Associated Press an outline of the conditions for the second round.

John Canning, the chairman of private equity firm Madison Dearborn Partners LLC, which had been treated as the front-runner, did not make the initial cut, according to the person, who said the Tribune is not letting any bidder eliminated after the first round submit a new higher proposal in the second round.

Canning is a minority owner of the Milwaukee Brewers and close friends with Major League Baseball Commissioner Bud Selig. Any successful sale must be approved by three-quarters of the owners of other major league teams. Canning did not return calls seeking comment.

The bidders still in the running will get more detailed financial information on the Cubs, Wrigley and the sports network before they are required to submit a new proposal.

A person familiar with the Ricketts family bid confirmed that it is one of those invited back.

The Cubs - lovable losers who haven't won a World Series in 100 years - are expected to fetch more than the record $660 million paid for the Boston Red Sox in 2002.

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