Bloomberg News

Tribune Fails to Reach Wrigley Deal With State Agency

June 09, 2008

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.

To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net.


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