Mark Cuban, Christine Hefner Lead List of Possible Chicago Cubs Acquirers

Authored by Scott Goldberg on April 2, 2007 - 10:41am.

Rich Walden, head of sports financing for JP Morgan Chase, said on CNBC today that Mark Cuban, owner of the Dallas Mavericks and HDNet, and Christine Hefner, chairman and CEO of Playboy, are among a short list of potential acquirers of the Chicago Cubs. The Tribune Co. has said it will sell the Cubs at the end of the year. Early estimates place a $600 million price tag on the organization.

Sam Zell, the Chicago real estate magnate who agreed to purchase the Tribune Co. – current owner of the Cubs – today for $8.2 billion, was not listed among JPM’s list of potential buyers.

“Baseball is about as strong economically as it’s been since the sport began,” Walden said today, the official opening day of the 2007 season. JPM believes Major League Baseball attendance will grow 5% this year.

Other possible bidders for the Cubs, according to JPM and Crains, are William Wrigley Jr., executive chairman and CEO of the Wrigley Company, and Bruce Rauner, principal and chairman of Chicago-based GTCR, among others.

Some analysts have questioned the value of a franchise with a stadium as small and old Wrigley Field, seemingly limiting revenue streams to ticket prices, yet Walden disagrees. “What you’ve got with the Cubs is the opportunity for a buyer to mine the base of 3 million-plus fans that I think the Tribune hasn’t fully taken advantage of.”

With Cuban and Hefner, the Cubs organization would benefit from their marketing expertise and media outlets. Cuban also co-owns HDNet, which would presumably play a large role in his intentions for the franchise.

Scott Goldberg