Sports Properties Acquisition (stock symbol: [t]HMR[/t]) is one of seven groups to out a bid in for the Cubs.
Cubs sale deadline passes; bidder for Wrigley Field emerges
By Ameet Sachdev
Tribune reporter
6:20 PM CDT, July 18, 2008
At least seven groups submitted opening bids for the Chicago Cubs and its historic ballpark as the deadline passed Friday for proposals to buy one of professional sports' iconic franchises.
The Tribune learned Friday that a Chicago real-estate firm has made an offer to buy Wrigley Field separately, because the Tribune Co.'s auction of the Cubs also includes an unconventional plan to sell the ballpark separately. The company, which also owns the Chicago Tribune, sees the potential for reaping more for the team and stadium if they are sold separately.
Richard Kaplan, president of Chicago-based Syndicated Equities Corp., said Friday that he could not resist making a bid for what he said is one of the world's most recognizable landmarks. Syndicated Equities specializes in buying properties such as shopping centers and hotels and selling shares to investors.
But the idea of a separate sale of Wrigley Field raises questions about whether such a deal is financially feasible, and who would control revenues generated from the ballpark.
"From a team owner's point of view, it's obviously better for everything to be in one package," said William Marovitz, a Chicago real estate developer who said he is part of a bidding group led by Rocco Landesman, a Broadway Theater owner. "Then you don't have to deal with a landlord."
In addition to Landesman, sources said the bidders include:
John Canning, chairman of Chicago-based private-equity firm Madison Dearborn Partners.
Mark Cuban, Internet billionaire and owner of the National Basketball Association's Dallas Mavericks.
Don Levin, Chicago businessman and owner of the Chicago Wolves minor-league hockey franchise.
Thomas Ricketts, head of a Chicago-based bond-trading business whose father founded Ameritrade.
Jim Anixter, president of A-Z Industries Inc. in Northbrook who has partnered with Chicago attorney Thomas Mandler.
Sports Properties Acquisition Corp., a shell company with $215 million looking to buy a sports property.
asachdev@tribune.com
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