This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Will Someone, Anyone, Buy the Chicago Cubs?

The negotiations with both groups have progressed far enough that they've lawyered up, so to speak. It's with the attorneys, at this point, and Ricketts remains in the lead. Major League Baseball itself is right now reviewing what documents the Ricketts-Tribune talks have produced. Expectations are for the announcement of a deal, with signatures, in ink, and MLB approval, by early August.

And that would put the Cubs back into private hands for the first time since the chewing gum people took it over in 1921.

Corporate ownership of sports teams in general has a tortured history, of course -- when it comes to both on the field success as well as the bottom line. Perhaps the most inept example of this was CBS's (CBS - Get Report) brief control of the New York Yankees from 1964 to 1974. It bought the team for $11 million and unloaded it to George Steinbrenner for more than $2 million less. (After winning the title in '64, the Yankees commenced the longest championship drought in the team's history, all while under CBS ownership.)

Other corporate owners (they tend to be, as in the Tribune's case, media conglomerates) include or have included Liberty Media (LMDIA), which bought the Atlanta Braves from Time Warner (TWX - Get Report) in 2005; News Corp. (NWS - Get Report), which held the Los Angeles Dodgers from 1998 to 2005; Disney (DIS - Get Report), which formed hockey's Anaheim Might Ducks in 1993, based on a movie, and sold it in 2005 to Broadcom (BRCM - Get Report) co-founder Henry Samueli; and the St. Louis Cardinals, owned for more than 50 years by Anheuser-Busch, which of course has been subsumed to form AB InBev (ABI).

As for Cubs fans, they await as the team plays on in a kind of ownership limbo. With the Cubs one game out of first (and chasing archrival St. Louis), a Cubs fan might reasonably ask: Does the team need an owner at all?

One way or another, they'll get one.

Chicago Cubs

1. Who is the best owner in sports?

Jerry Buss (Los Angeles Lakers)
John Henry (Boston Red Sox)
Robert Kraft (New England Patriots)
Rooney Family (Pittsburgh Steelers)
Steinbrenner Family (New York Yankees)

2. Who is the worst owner in sports?

The Tribune Co. (Chicago Cubs)
Al Davis (Oakland Raiders)
James Dolan (New York Knicks)
Tom Hicks (Texas Rangers)
Donald Sterling (Los Angeles Clippers)

3. Which franchise would you most want to own?

Chicago Cubs
New York Yankees
Los Angeles Lakers
Manchester United
New England Patriots

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ABI $22.98 1.01%
BRCM $43.59 0.00%
CBS $60.68 0.00%
DIS $106.69 0.00%
NWS $15.49 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs