Posts Tagged Hersch Klaff

January 8th, 2009

And Then There Were Three: Cubs Narrow Down Bidders

By Ryan Corazza

This is really gonna happen, kids. The Tribune Co. is oh so close to dumping their seemingly only entity of worth right now, the Chicago Cubs, onto a really rich dude. The Trib has the details on the three final bidders: Tom Ricketts (a name we’ve heard as a front-runner all along), Marc Utay and Hersch Klaff.

First, Mr. Ricketts:

Cubs connection: Tom Ricketts grew up watching the team on WGN. Once lived in an apartment above a bar across the street from Wrigley Field. Met his wife in the bleachers at a Cubs game.

Ricketts scores points with Cubs fans for his cutesy, fairytale story of fandom. This may also doom him as an owner.

Second, Utay:

Business style: During the 1990s put together leveraged buyout deals in media, telecommunications and entertainment for investment banker Wasserstein Perella. A director of IMAX Corp., the large-format film company. Said to have bid on two hockey franchises without winning either.

Utay scores points with Cubs fans as they sympathize with him losing out on two hockey franchises. This may also doom him as an owner.

Keep reading →

January 6th, 2009

Cubs Could Announce Silent Auction Winner Soon, End Waiting On Who Will Be Disappointed in 2009

By Will Brinson

Mark Cuban is already out of the running for Cubs owner. We already know that much. But, despite complete, utter and total financial destruction across the entire country, it appears that there actually could be a winner announced soon in the silent auction that is being held for the Chicago Cubs. (Despite what Ryan said at the end of his last post.)

That’s right. Pretty soon we get to find out what owner will be making an early October press conference to say he’s not disappointed with the team’s performance in the first round of the playoffs and he has big hopes for 2010.

Tribune Co., owner of the Chicago Cubs, is close to selecting a winning bid for the team from three finalists, according to people familiar with the sales talks.

Three prospective buyers made offers for the franchise at the end of November: Chicago real estate investor Hersch Klaff; the Ricketts family, founders of online brokerage TD Ameritrade Holding Corp.; and a group led by Marc Utay, a New York private-equity investor who grew up in Chicago.

But, unfortunately, it’s not quite that simple. See, apparently there are a few “bad” scenarios here for whoever might “win.” First of all, the Trib Co. can still yank the Cubs off the table. Just ’cause they want to, which seems totally fair.

Keep reading →

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