Yes, Cubs are still a hot commodity

Given the teetering economy that has millions of Americans worried about their next paycheck, it seems almost unfathomable that there is still a bidding war in progress to purchase the Cubs.

But there is, and the rumored numbers being thrown around are staggering.

We caught up with Eric Fisher, who covers Major League Baseball for sportsbusinessjournal.com and sportsbusinessdaily.com, to see how the process is going and whether the economy has thrown a wrench into the works.

Evidently not, according to Fisher, who, unlike some, doesn't believe today's lending woes will slow or curtail the sale of the Cubs in a package deal that would include Wrigley Field and related broadcast properties.

Here's a progress report:

Q. When will the sale of the Cubs get done?

A. I would say rather than this thing getting done after the World Series - a November time-frame - if I had to hazard a guess, we're probably looking at late winter right now, maybe early spring.

Q. Is the price tag still around, gulp, $1 billion?

A. I've heard everything from $800 million to $1.3 billion. I don't see that number going down significantly at all. This is still a premier asset. It's still something that's generating a lot of interest and it's something that doesn't come up for sale very often. I don't anticipate a lot of depression on that front.

Q. How many groups are still in the running?

A. The most reliable number I've heard is five.

Q. In these dark times, why such interest?

A. There's a real big opportunity there with the stadium if someone wants to come in with a lot of commitment and money and vision - like they did in Boston, where they've done some sort of major project every year since then to refresh and upgrade that facility while at the same time still retaining most, if not all its character. That sort of thing has to go on at Wrigley, ultimately. Once that happens, you begin to open up new revenue opportunities.

Q. So fans can expect a new look at Wrigley under new ownership?

A. On the face of it, you can make an argument that Fenway Park doesn't really, to the untrained eye, look all that much different. The wall is still there and the field dimensions are still the same, but they've done smaller things in and around the facility on a continual basis to give it that refresh. (Wrigley Field) does need a major refresh, and that's where the biggest upside can be.

Q. Is Sam Zell proceeding at a proper pace?

A. I get the sense that baseball would love to get this thing done. Beyond the stadium, even with the inherent assets it has - such a strong brand and the fan passion - it still needs an articulated long-term direction, and right now we just don't have that. Just having that settled would be great for everybody.

Q. Would MLB allow Mark Cuban into their club?

A. Originally, the conventional wisdom was no. That, as time has gone on, has ceased to be an issue. He had his earlier battles with (NBA commissioner) David Stern as owner of the Mavericks, but he really doesn't get fined anymore. Stern has nothing but positive things to say about him and has communicated those thoughts to Bud Selig. It would be very interesting, though, to hear what (White Sox chairman) Jerry Reinsdorf has to say. He's still feisty, but in a more constructive fashion. I don't get the sense that he would be blocked out because he's Mark Cuban.

Q. Do you think the new owners are happy that the Cubs didn't make it to and win the World Series this year?

A. You could almost make the case that it would be better for the new owner to have the streak broken under his watch. But after this many years, whenever it happens, it won't be soon enough.

Q. Once again, why are so many people interested in spending so much money for this franchise?

A. There's still only 30 of these and they still come up for sale only so often. It's still a very exclusive club, and then you add in the fact that the Cubs are such a beloved and revered brand. This is still a special situation, but given what's going on (with the economy) it's just going to take a little longer to get it all together.