The motivation behind Zell’s moves
Monday, Mar 31, 2008
* The New York Times had this unsurprising quote about Tribune owner Sam Zell yesterday…
Reinsdorf’s claim was essentially confirmed by team chairman Crane Kenney.
* This brings us to the uproar over the sale of the Cubs, Wrigley Field and the park’s naming rights. Crain’s has the story behind the story…
* Selling the team, the park and the naming rights would more than cover that first payment. And that was the initial plan. Zell doesn’t care about baseball. The team is just another asset to be dumped. But the stadium deal is taking longer than expected, to say the least. So Zell - who is facing a depressed advertising market - is now looking to sell other assets to cover his nut.
But that doesn’t take the heat off the Wrigley deal.,,
Zell is sitting on top of a shakey house of cards, so expect the pressure to intensify on the proposed state buyout of Wrigley Field, regardless of any interim asset sales.