Mark Cuban Bid for Cubs in Jeopardy

This morning’s edition of Crain’s Chicago Business reported Tribune chairman Sam Zell is determined to select a winning bid for Cubs by the end of this year. The article stated final bids are due November 26 and the winning bidder would purchase a controlling interest in the Chicago Cubs baseball franchise.

Later this morning the Chicago Tribune reported Cubs bidder Mark Cuban is being charged with insider trading stemming from his divestment in a dot-com company in 2004. The Trib actually posted a PDF of the 9-page SEC (the U.S. Securities & Exchange Commission) complaint. 

With this legal development, Mark Cuban’s pursuit of the Cubs could very well be over. It was widely speculated that in spite of his offer reportedly being dramatically higher than all others, Cuban would face a tough vote by other MLB owners to join their ranks. Fans of course generally like the idea of a fan-like owner taking over the club, but the exclusive MLB Owners club is thought of to not be fond of such a flamboyant maverick buying a franchise. So it seems the owners group may avoid the public scrutiny of rejecting Cuban publicly by having him disqualified as a result of these SEC charges.

Personally, I don’t count Cuban out just yet, but his chances appear to be 5 runs behind with 2 out and no one on in the ninth.


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    November 17, 2008   Posted in: biz of baseball, Team Ownership

    One Response

    1. admin - November 17, 2008

      Mark Cuban – to his credit – acknowledged his SEC problem on his blog:

      http://blogmaverick.com/2008/11/17/the-sec/

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