Cubs reportedly in talks over selling Wrigley to state agency

Cubs executives have held talks with city and state officials about the possibility of selling Wrigley Field to a state sports agency, according to a published report.

The talks have focused on selling the 93-year-old ballpark to the Illinois Sports Facilities Authority, the Chicago Tribune reported in Thursday editions, citing sources to the Tribune Co.-owned Cubs. The agency was created by state lawmakers in 1987 for the purpose of building a new Comiskey Park, now U.S. Cellular Field, where the White Sox play.

It's unclear how the cash-strapped state government would raise funds for such a purchase and there's no guarantee the transaction will be made, the newspaper reported.

A telephone message left Thursday with the Illinois Sports Facilities Authority was not immediately returned.

Tribune Co. is in the midst of trying to sell the Cubs as part of an $8.2 billion deal to take the company private under the leadership of real estate magnate Sam Zell. That transaction is expected to close by year's end and as soon as Dec. 20, Zell said at a luncheon appearance Wednesday, but formal bids on the Cubs have yet to be solicited.

The media conglomerate, which intends to sell the Chicago-based Comcast sports channel as well as the Cubs and Wrigley in the first half of 2008, declined comment on the reported talks.

"We're looking at everything," spokesman Gary Weitman said. "We're looking at the best way to sell these assets. That includes looking at them separately, in combination, etc. But we're looking at the best ways to do that."

Analysts have speculated all the assets combined could attract bids of as much as $1 billion or more.

Tribune shares rose 14 cents to $32.04 in morning trading.