Tribune Co., owner of the Chicago Cubs baseball team, said it was unable to agree with the Illinois Sports Facilities Authority on terms to make Wrigley Field a public trust.
The sports authority's proposal failed to meet Tribune's demands and violated Major League Baseball rules, the Chicago- based company said today in an e-mailed statement.
Tribune is selling assets including the Cubs and its Newsday newspaper on Long Island, in New York, to tackle $13 billion in debt. About $1.85 billion of obligations mature by the end of next year. The Chicago-based owner of the Los Angeles Times and Chicago Tribune newspapers went private in December in an $8.3 billion buyout led by billionaire Sam Zell.
Zell said last week the company was set to provide financial reports on the Cubs to prospective buyers. Preliminary bids will be due ``give or take'' 30 days after potential buyers receive the records, he said.
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