Talks Continue on Selling Cubs to Company Which Owns White Sox

Chicago and Illinois officials have "had discussions with Chicago Cubs executives about possibly selling" Wrigley Field to the Illinois Sports Facilities Authority which currently owns and operates the White Sox' U.S. Cellular Field, according to the Chicago Tribune.

With estimates saying the Tribune Co. is commanding more than $1 billion for the sale of the Cubs and Wrigley Field, Tribune Co. execs are "seriously considering selling the team and stadium separately to maximize its payout."

However, it is "unclear how the state and ISFA would raise funds for such a purchase." Sources said that one way for the state to "underwrite a purchase, or pay for major renovations to the ballpark that any buyer would have to fund, would be to sell naming rights to the park." The sources said that even if naming rights were sold, the ballpark "likely ... would retain the name Wrigley Field as well."

Photo of Wrigley Field by Rob Tringali/SportsChrome

White Sox executives sold naming rights to Comiskey Park in 2003 for 20 years at a price of $68 million, helping the White Sox and ISFA fund millions of dollars worth of renovations over the last several years.

Tribune Co., owner of the Cubs, is trying to sell the Cubs as part of an $8.2 billion deal to go private in a transaction led by billionaire Sam Zell in conjunction with an Employee Stock Ownership Plan. The going-private deal is expected to be completed next week.