Chicago real estate firm auctions Wrigley Field
2008-07-18 14:54:09 (GMT) (Caymanmama.com - Real Estate News News)Chicago, Illinois (CaymanMama.com) – A Chicago area real estate property panel has presented an offer to purchase the historic and iconic home of the Chicago Cubs, Wrigley Field.
Inland Real Estate Group Inc., one of the leading possessors of the shopping centers in the country, submitted the proposal to the Tribune Company that is selling the baseball and the ballpark team since it requires money to reimburse billions of dollars in debt incurred when it became private last year.
The spokesperson of Inland Real Estate Group did not deny or confirm the report, stating that the group does not comment on market rumors.
Crane Kenney, the Chicago Cub’s chairperson, as well as an outgoing general counsel of the parent company Tribune did not comment. The Tribune has obtained more than thirty bids for either the stadium or the team or both.
According to Tribune, the Major League Baseball Association has permitted nine potential purchasers for the park and the team. Among those nine approved purchasers stated to be in the running is a team lead by John Canning, the chairperson of the private equity firm Madison Dearborn Partners LLC, the family of TD Ameritrade Holding Corporations founder Joe Ricketts and Mark Cuban, the owner of the Dallas Mavericks.
In addition, the Tribune also set a deadline for the proposals from the bidders that are approved by the Major League Baseball. Sam Zell, owner of Tribune who crated his fate as a property and real estate developer prior to possessing the buyout of $8.2 billion of the publishing corporatio, said, he wishes to sell the stadium and the team collectively but also seeking proposals for them independently.
The external connoisseurs think a package, which integrates Wrigley Field, the second historic park in the majors and the Chicago Cubs can fetch the cash crunched media corporation as much as $1 billion.
State agencies headed by the previous Gov. Jim, the Illinois Sports Facilities Authority, are in negotiations with the Tribune to purchase the stadium for more than $400 million.
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