Saturday, June 21, 2008

SPAC Squeeze Play for Cubbies?

2 more buyers court Cubs: Publicly traded firm, former bidder for Reds have team data

Two more prospective buyers for the Chicago Cubs have emerged, both with baseball connections and the necessary deep pockets, the Chicago Tribune has learned.

A publicly traded company called Sports Properties Acquisition Corp. and a group that includes Broadway theater owner Rocco Landesman are reviewing the team's financial records provided by Cubs owner Tribune Co., sources said Friday.

They are among a handful of potential bidders that had to be preapproved by Major League Baseball before receiving the financial data. The others include a group led by John Canning, chairman of Chicago-based Madison Dearborn Partners LLC; Dallas Mavericks owner Mark Cuban; the partnership of attorney Thomas Mandler and businessman Jim Anixter; and the Ricketts family of Omaha.

Sports Properties presents one of the more unusual ownership opportunities. It has no operations but is sitting on $216 million that it raised in January in an initial public offering. Its stock trades under the ticker symbol HMR.

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