Tuesday, April 03, 2007

Wait Until Next Year!

Since I was raised in Iowa and spent the early years of my career in Des Moines I could not help but become a Chicago Cubs (http://www.chicago.cubs.mlb.com, "baseball" that is , for my non-USA friends and TJS) since Chicago's AAA farm club, the Iowa Cubs , are located in Des Moines. That history, combined with several visits to Chicago over the years including a VERY long day for a double header as guests in the Budweiser suite, leave me with fond memories of Wrigleyville. My liver still hurts whenever I cough :-)

So today's business/sports news, "Zell wins Tribune Co. in $8.2 billion deal", was of interest to me because the Tribune Co. (owner of the Chicago Tribune, Los Angeles Times and TV stations) is the parent corporation of the Cubbies. Purchased for $20.5 million in 1981 by Tribune Co. the Cubbies are now estimated to be worth $600 million or more in today's market for professional teams -- a very impressive return on investment for Tribune shareholders. Sam Zell, the Tribune's new owner, announced in today's media coverage that he plans to sell off the Cubbies to help pay down the Tribune's $8.4 billion corporate debt.

From my perspective this is great news since it frees another sports team from the corporate world to be potentially owned by a sports family/rich entrepreneur. Mark Cuban, the colorful owner of the NBA's Dallas Mavericks is a great example of how a new private individual owner can turn around a losing sports franchise into a championship contender. With 2008 being the 100th anniversary of the last time the Cubbies won the World Series they are due!!

Go Cubs,


No comments: