New Ownerwatch: Not Getting Done Any Time Soon

Remember when the Ricketts family won the bidding for the Chicago Cubs and there was much joy? Remember when they were going to take over by Opening Day and there was much joy?

Remember when Opening Day happened and the Tribune Company still owned the Cubs and there was much despondence?

So the prevailing belief was that the Opening Day timetable was far too optimistic, but that completing the deal by mid-May was wholly within the realm of possibility, if not probability.

It’s looking quite improbable now. Sigh.

The sale of the Chicago Cubs baseball team could drag on past May as the Ricketts family arranges financing for its $900 million bid and works for Major League Baseball’s approval.

…

The idea was for owners to vote on the Ricketts family bid at their meeting in New York on May 20-21. The bid requires the approval of 75 percent of baseball’s 30 team owners.

If the Cubs sale is not approved at the May owners’ meeting, MLB officials will likely hold a special meeting to vote on the matter via telephone because the next owners’ meeting is not scheduled until August, the first source said. Reuters.

Wonder how easy it is to schedule a special meeting – even by phone – coordinated among 29 of the busiest folks in the States?

Let’s hope the sale is at least completed by… oh… say… the trading deadline.