Tribune considers keeping larger share of Cubs

With concerns over the troubled lending market, Tribune Co. is considering keeping a larger stake in the Chicago Cubs, according to a report in the Chicago Tribune.

The report, which cited three anonymous sources, said the company is worried that prospective buyers might drop out of the auction or have difficulty in closing a deal with banks.

As a result, Tribune Co. officials have discussed whether they should keep more than 5 percent of the Cubs as part of the deal. That would allow the buyer to put out less cash to close the deal. According to the sources in the report, the buyer would have the option to buy Tribune Co.'s share at a later date.

"Things are very fluid right now," said one source quoted in the story. "Tribune is looking for ways to get the deal done." The Tribune Co. would use the sale of the Cubs franchise to cover a nearly $600 million loan due in June that was part of an $8.2 billion deal that CEO Sam Zell used to take the company private last year.

The sale of the Cubs, as part of a package with Wrigley Field and related broadcast properties, has been estimated at $1 billion or more. Forbes has listed the value of the Cubs alone as more than $600 million

Among the bidders that have been identified in several reports are Dallas Mavericks owner Mark Cuban, the Ricketts family that founded the online brokerage Ameritrade, Chicago real estate investor Hersch Klaff, and two New York private-equity investors.

Prospective bidders are still waiting for key financial details about the broadcast properties up for sale, and no timetable for the process as been announced.