If the Tribune Company seeks out someone else to buy the Cubs besides presumptive new owner Tom Ricketts, it could end up retaining a larger chunk of the team than expected.
This would be the case if the Tribune sought to re-engage Marc Utay, previous Cubs-bid-loser, in discussions to buy the team.
The group’s original bid, led by Glenview native and New York private-equity investor Marc Utay, proposed that Tribune keep 22% to 25% of the team, according to a person familiar with the matter.
Mr. Utay’s bid was thought to be runner-up to the roughly $900-million offer from the family of Chicago bond salesman Tom Ricketts. Tribune recently resumed discussions with Mr. Utay’s group following five months of exclusive negotiations with the Ricketts clan, several news outlets reported last week.
It’s unclear whether Mr. Utay’s original proposal is still in play, or if it’s been revised. The value of his bid could not be learned. Crain’s Chicago Business.
Ricketts still remains the most likely outcome of all this.