Posted on 04/02/2007 6:06:33 AM PDT by abb
Employee Stock Ownership Plan (ESOP) Created; Sam Zell to Invest, Join Board; Chicago Cubs and Comcast SportsNet Interest to be Sold
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Sale of the Chicago Cubs
Separately, Tribune announced that following the 2007 baseball season, it will sell the Chicago Cubs and the company's 25 percent interest in Comcast SportsNet Chicago. The sale of the Cubs is subject to the approval of Major League Baseball, and is expected to be completed in the fourth quarter of 2007. Proceeds will be used to pay down debt.
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Next come massive firings and a garage sale.
That happened once with Mario Lemieux who ended up buying Pittsburgh Penguins because the original owners could not afford to pay the original contract.
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