The NY Times, CNN and several other media outlets have reported that The Tribune Co. has agreed to be bought out by Sam Zell, a Chicago Real Estate tycoon. The Tribune Co. owns the Chicago Tribune, The Los Angeles Times, over 20 television stations and the Chicago Cubs baseball club. The deal is valued at $13 Billion.

According to the NY Times and Sports Illustrated, the Cubs will be sold following the 2007 baseball season.

What I think is interesting about this deal, is that this offeseason alone, the Cubs tied up over $300 million dollars in future contracts and are currently in negotiations to sign their star pitcher, Carlos Zambrano to a multi-year, multi-million dollar deal (expected to be in the neighborhood of $80-90 million). By the time you add the other players on the roster, that is well over a $400 million commitment in the coming years. (Mark Cuban and Donald Trump have been rumored to be interested in purchasing the Cubs. Both have denied being in direct negotiations.)

Sports Illustrated on-line estimates that the Cubs could fetch around $600 million when they are sold. It was rumored during the offseason that the Cubs were signing a lot of lucrative contracts to improve team performance and thus enhance the team value when it would be placed for sale.

If I only had $600 million dollars. I’d have guaranteed luxery box seats for life at Wrigley Field…

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