Monday, April 02, 2007

Chicago Cubs to be sold...

The AP says that "Tribune Co. said Monday it plans to sell the Chicago Cubs at the end of the 2007 baseball season, putting one of its most valuable assets on the block as it simultaneously announced that real estate magnate Sam Zell was acquiring the media conglomerate.

Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million."

If the price were $600 million, that would be over a 2900% return on the original investment! Not bad for a perennial loser. I'm not a Cubs fan, but as a sports fan I think this is good news as the purchaser is likely (hopefully) to want to put a winning team on the field. The incompetence that has been displayed by the team's management under Tribune ownership has been nothing short of mind-boggling.

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