Tuesday, May 13, 2008

Public Wins, Cloutholders Lose

From Crain's Chicago Business:

The Tribune Co. has reportedly spurned plans by the Illinois Sports Facilities Authority to buy Wrigley Field and instead intends to sell the Chicago Cubs ball club and the historic field together, the Chicago Sun-Times reported Tuesday.

Sources said Tribune CEO Sam Zell rejected ISFA’s overtures because they relied on a financing plan that would have sold seats at Wrigley under long-term contracts, called equity seats rights, to help fund the $400 million needed to buy and renovate the park.

Thank god this is over. There was never a proper case made why state assistance interference was needed. This close that door.

This was also the last obsticle to a sale proceeding. Zell has said int eh past that he wants this done as soon as August. That's about 11 weeks.

Get it going.

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