By: Mark Fitzgerald Among the milder surprises to emerge from the stunning criminal complaint released after the arrest of Illinois Gov. Rod Blagojevich was the disclosure that Tribune was quietly negotiating to sell the Chicago Cub's landmark baseball park Wrigley Field to the state of Illinois.
Previous talks to sell the stadium to a state authority -- allowing heavily indebted Tribune to avoid as much as $100 million in capital gains taxes -- had been abandoned earlier this year.
Two weeks ago, three potential buyers submitted bids for a complete package of the Chicago Cubs team, Wrigley Field and Tribune's 25% stake in a regional sports cable TV channel.
But Blagojevich was taped in November discussing the revived negotiations about a state purchase of the ballpark -- and how he could use the possible deal as leverage to get Tribune to fire certain editorial board members at the flagship Chicago Tribune.
William Brandt, chairman of the Illinois Finance Authority that would issue the bonds to buy the ballpark, told the Chicago Tribune the talks were still "preliminary" and that terms could not be finalized until a winning bidder for the team is picked.
In the article by Tribune reporters Ameet Sachdev and Julie Johnsson, the financial advisor to one bidder was quoted as being dismayed that Tribune was talking with the state at the same time it was taking bids. Coming a day after Tribune filed for Chapter 11 bankruptcy protection, the revelation was an unwelcome surprise, the advisor said.
"I thought things had hit rock bottom yesterday," the adviser said Tuesday. "Now [Tribune Co. is] part of a criminal investigation. What else is going to happen?"
More details on the Wrigley Field deal are at E&P's business-oriented
Fitz & Jen blog blog.
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