Results tagged “markcuban”

• Sen. Burris' explanation for that phone call with Rob Blagojevich? It was all a ruse.
• President Obama has nominated retired Chicago investment banker Louis Susman to be ambassador to Britain.
• As if the City Council didn't have enough to worry about today, aldermen are now complaining about fees to Noelle Brennan, the federal hiring monitor who has come down hard on City Hall's hiring abuses.

As we mentioned earlier today, the Chicago Cubs could be close to being officially sold. Meanwhile, one man who many fans and players favored for the team was Dallas Mavericks owner Mark Cuban, who's bid took a hit with the announcement last fall he was being investigated by the S.E.C. for insider trading. Today, Cuban took to his blog to discuss the Cubs, his proposal, the obstacles to his bid, and the credit crisis. An excerpt is below, but you can check out the whole thing here.

My sense of the entire situation was that whoever the new owner of the Cubs would be, it was in the Sox best interest for things to stay business as usual. Published TV ratings and other published measures showed that the Cubs were more popular than the Sox, yet before I even started looking at the Cubs, I knew from my discussions with people in the NBA that the Cubs and Sox were treated as equals in their business dealings. That was great for the Sox, not so good for the Cubs. Im guessing the people in the Sox organization knew, that if I bought the team, particularly at the price point that was being suggested in the papers, there was no way I would just accept parity in future business dealings. I was going to have to try to negotiate the very best deals possible for the Cubs, even if it was at the expense of the White Sox.

Continue reading "Mark Cuban Blogs About The Cubs"

At least three bidders met the Thanksgiving deadline to submit their proposals for buying the Chicago Cubs. Chicago real estate investor Hersch Klaff, the Ricketts family, founder of online brokerage TD Ameritrade Holding Corp., and a group led by Marc Utay, a New York private equity investor all turned in proposals over the holiday weekend. No word on the two other potential bidders, Houston businessman Jim Crane and Dallas Mavericks owner Mark Cuban. The package includes the Cubs, Wrigley Field, and Tribune's 25-percent stake in Comcast SportsNet

Another Cuban will soon be coming to town, but he's more likely to be playing the hot corner than hanging with fans in the bleachers or chilling in the owner's box. While Mark Cuban's chances of landing the Cubs took a turn for the worse this week, the White Sox are poised to sign Cuban phenom Dayan Viciedo.

In a development that won't help his already long-shot bid to buy the Cubs, Dallas Mavericks owner and entrepreneur Mark Cuban has been charged with insider trading by the Securities and Exchange Commission. The Wall Street Journal explains it all thusly:

Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.

As the Cubs close in on acquiring Padres ace Jake Peavy, the Tribune Company has informed bidders their next round of proposals are due by Thanksgiving Day. And this time, there's an added twist: prove that, in this current economic clusterfuck, you can actually pay for the team. It seems the Trib, like everyone, is in dire financial straits.

On Monday, Tribune reported a net loss of $121.6 million across its operations for the third quarter, compared with a profit of $152.8 million for the same period a year ago. Revenue declined 10.5 percent to $1.04 billion.

Continue reading "Tribune Sets Thanksgiving Deadline for Next Round of Cubs Bids; Cuban Out?"

As the bidding process on the Chicago Cubs continues, a new front-runner has emerged: one-time long-shot Mark Cuban is, according to insiders, the new favorite to land the team. We're sure it has nothing to do with the fact that he already owns a successful professional sports team. While NBA Commissioner David Stern already voiced his support for Cuban, the outspoken owner got a vote of support from an actual current MLB owner: John Henry of the Boston Red Sox. In an email to the New York Times, Henry said he could think, “of no one better suited to reverse the fortunes of the Cubs for the long term.” Henry also added, tongue-in-cheek, “The commissioner’s office abhors owners who speak their minds and fight for the rights of their respective franchises.” In his own email to the Times, Cuban said:

“The Cubs are an amazing franchise and brand,” Cuban wrote in an e-mail message. “I think the owner of any major sports franchise has two jobs: first, it’s to work hard to win a championship year after year, and second, to be the caretaker of the franchise in the community.”

Initial bids on the Chicago Cubs and Wrigley Field were due Friday and word is slowly getting out now about who seems to have made the cut. Among those who didn't make the cut were Chicago Wolves owner Don Levin and the group led by Madison Dearborn Chairman John Canning. Canning's group was considered the odds-on favorite to win the bidding, in part due to Canning being a part-owner of the Milwaukee Brewers and a friend of Major League Baseball Asshat Commissioner Bud Selig. Up to five of the MLB-approved bidders on the Cubs were invited by the Tribune Co. to continue in the process. All of the approved bids topped $1 billion according to media reports. Only three separate (and cheaper) bids on Wrigley Field alone were allowed to the second round.

On the same day he fired the guy who just might be the next Bulls head coach, Mark Cuban made an appearance at Wrigley Field.

When Carlos Zambrano, Derrek Lee and Kosuke Fokodume receive their first paychecks of the 2008 seasons, there will be a signature on them. Whose it'll be, nobody knows. That's because current Cubs owner Sam Zell vows to close a deal on the sale of the Cubs by Opening Day.

Every time we think the state's government can't get any worse, they somehow find a way to surprise us. Unable to reach a deal that'll adequately fund the CTA and its crumbling infrastructure, they think they want to buy yet another fixer-upper piece of property. The State of Illinois is supposedly interested in buying Wrigley Field, which is for sale along with the Cubs following billionaire Sam Zell's takeover of the Tribune Co. The Illinois...

Mark Cuban was in town on Monday when his Dallas Mavericks faced off against the Bulls at the United Center. Of course the local media's questions directed at him regarded another pro sport team. When asked about his pursuit of the Cubs, he reiterated his interest in buying the team and that he wasn't interested in owning any other baseball team. He has not filed his official paperwork, however — Cuban said he was "waiting...

Fans can expect another busy offseason for the Cubs. And while last winter was spent courting the likes of Alfonso Soriano and Ted Lilly, this year's focus is going to be the ownership of the team. The Tribune Co., the current owners, has been dragging its feet on the sale, as it tries to maximize the overall price. While officially the desire is to close the sale during the fourth quarter, it's likely a deal...

A federal judged refused today to grant Planned Parenthood's injunction against Aurora, which means the clinic won't be open any time soon. Take it away, Zorn! The staff at the Reader put together a list of their favorite things, which does not include wild geese that fly with the moon on their wings, but does include dance parties. This just in: Hockey is super dangerous. Two Blackhawks were injured in last night's preseason game:...

They're Ours! We were pleasantly surprised by signings announced on both sides of town in recent days -- the Cubs and Carlos Zambrano agreed to a five year deal worth $91.5 million on Friday, and on Saturday the White Sox announced a two year, $22 million extension for Jermaine Dye. Zambrano's signing caught us by surprise for a number of reasons -- because of the impending sale of the Cubs, because of the dollars involved...

Why should billionaires have all the fun? Pretty much any sports fan has fantasized about how they'd run their favorite team if they owned it, and lots of people consider the Cubbies to be their favorite team. A number of them are using the Cubs' impending sale to try to get a piece of the team, even if they don't quite have a 10-figure bank account. Eric Majeski formed 4 Fans Sake, through which he...

MLB Commissioner Bud Selig must have choked on his frozen custard when he found out that Mark Cuban has officially thrown his hat into the ring to buy the Cubs. On Thursday Cuban made public that he had submitted his application to buy the storied ball club. Bud, of course, has other ideas about who shall buy the Cubs. He has been lobbying for longtime friend John Canning Jr. to purchase the team from the...

Even before the team was officially up for sale, there has been a great deal of speculation about who the next owner of the Cubs might be. While the media -- Chicagoist included -- has focused on the likes of Donald Trump, Ernie Banks and Mark Cuban as possible new team owners, if MLB commissioner Bud Selig gets his way the new owner will be less well known to most of us. Fortune magazine is...

After months of speculation that the Cubs might be put up for sale as part of a restructuring or sale of Tribune Co., almost immediately after the board's approval of Chicago billionaire Sam Zell's offer, news came that the team would in fact be sold. Now the handicapping can begin on who the new owner will be. There has certainly been no shortage of potential bidders mentioned. Of course, that was before the Cubs went...

For the past six weeks, the Chicago Sun-Times has been conducting a trial against the Chicago Tribune on charges of "gross negligence and neglect in its ownership of the Chicago Cubs." Over the course of the past six weeks, the prosecution and defense have "called" countless witnesses to the stand. Jerry "The bleacher preacher" Pritikin, Marc Silverman, Milo Hamilton, Jimmy Piersall, Mike Murphy, Dallas Green, and Ron Santo. Santo was the lone witness for...

Who do we believe -- Radar Magazine or Mark Cuban? Radar reported on Wednesday that billionaire tech entrepeneur, blogger and owner of the Dallas Mavericks basketball team is preparing to make a $625 million bid for the Chicago Cubs. A source supposedly familiar with the situation claims, "Mark is desperate to buy the Cubs. He wants this so bad." However, Cuban's response to the Trib via email stated that the rumor was "not true." In...

Seriously, is there anybody in this town's upper tax bracket who hasn't thrown their hat into the ring of interested buyers, should the beleagured Tribune Company decide to sell the Cubs as part of their fire sale? Even before the Trib's latest troubles, some notable bidders went on record expressing interest in buying the team — including the likes of Ernie Banks, Mark Cuban and Donald Trump. While Chicagoist would be all for a Cuban...

A few weeks ago, we noted that Dallas Mavericks owner Mark Cuban expressed an interest in buying the Cubs. But he's not the only billionaire who could imagine himself in the owner's box at Wrigley. Donald Trump would also be interested! The brash real estate tycoon and reality show star said that he'd like to own the team. When asked by Mike North on 670 the Score, the Donald responded, "I would be interested, yeah....

While Mark Cuban remains busy cheering his Dallas Mavericks through the NBA Finals, others interested in buying the team have been quietly meeting Tribune Company execs to inquire abou their availability. Last month, Mr. Cub himself, Ernie Banks, met with Tribune CEO Dennis FitzSimons to discuss buying the team. Two seperate groups have approached Banks, the Hall of Famer who played shortstop for the Cubs from 1953-1971, about participating in efforts to buy the Cubs....

DCist is screwed in the event of an oil crisis. Not that we're not all screwed in the event of an oil crisis, just D.C. is more screwed. Don't sell your car yet, District resident, a cabbie can kick you to the curb if he doesn't like your address. Not even Metro can save you now. Londonist experiences the London of the future through the wonders of 3D modeling, but while the 3D guys are...

What's the surest way for the Cubs to overcome a century of futility, and finally become a franchise dead set on winning? Let Mark Cuban buy the team. While the Tribune Company has reiterated that the Cubs are not for sale, didn't President Bush say just days ago that he knew nothing of Treasury Secretary John Snow's departure? So, just because it's denied certainly doesn't mean that it's not true... And just in case the...