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qudjy1
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Posted: Wed Nov 22, 2006 1:59 pm Post subject: Colangelo confirms interest in buying Cubs |
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http://sports.espn.go.com/mlb/news/story?id=2672610
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CHICAGO -- Former Arizona Diamondbacks owner Jerry Colangelo would be interested buying the Chicago Cubs if Tribune Co. puts his hometown franchise up for sale.
Colangelo, chairman of the NBA's Phoenix Suns and former controlling owner of both the Suns and Diamondbacks, said Wednesday he has held "preliminary discussion" with unspecified other people who share his interest in buying the Cubs.
He declined to say whether he had spoken to Tribune Co. or the Cubs about his interest but said: "You can speculate that."
"If in fact the Cubs become available, and that's a big if, I've stated that I would have great interest," he told The Associated Press. "I'm just trying to keep my options open at this point, that's all."
Colangelo said he had spoken with two different groups of prospective bidders. However, he added, "I have my own interest, not necessarily tied to any particular group."
The 67-year-old Colangelo grew up a Cubs fan in suburban Chicago Heights. A four-time NBA executive of the year and member of the Basketball Hall of Fame, he brought major-league baseball to Arizona in 1998 as managing general partner of the Diamondbacks, who won the World Series in 2001.
He told WSCR-AM on Tuesday that owning his hometown team would be "quite an exciting possibility" and would represent "coming full circle."
Tribune, under pressure from large shareholders disappointed with its sagging stock price, has said it hopes to decide by year's end on a strategic overhaul that could include selling the entire company or certain assets. Those assets also include 11 newspapers, led by the Chicago Tribune and the Los Angeles Times, and 25 television stations.
The media conglomerate has reportedly told buyers it would focus first on a possible sale of the entire company before the sale of pieces.
"I think everyone is awaiting what they decide to do," Colangelo said. "What I've been advised is that may come down early in December."
Tribune spokesman Gary Weitman declined comment.
Don Levin, a Chicago businessman who wants to buy the Cubs, said he thinks after talking with the company last week that the Cubs aren't for sale "right now."
"The Tribune corporation would like to sell itself, and whoever buys it might sell some of the pieces," said Levin, owner of the Chicago Wolves minor-league hockey team. "I remain firmly interested."
Another prospective ownership group includes 15 investors, among them Tom Begel, chairman of Chicago-based TMB Industries.
Speculation that Tribune plans to sell the Cubs has intensified with the club's offseason spending spree, including agreeing with outfielder Alfonso Soriano this week on an eight-year contract for $136 million -- the fifth-richest contract in baseball history.
Also, several reports have indicated that the company told bidders for the entire company that initial offers were too low.
Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million.
Copyright 2006 by The Associated Press |
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Tucson DBacks Fan
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Posted: Wed Nov 22, 2006 4:07 pm Post subject: |
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So Colangelo sells out his interst in the Diamondbacks after the team is in a deep financial crisis, and now he wants to own a different team? This is very interesting. I thought he wanted to retire. |
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David B
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Posted: Wed Nov 22, 2006 4:12 pm Post subject: |
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Colangelo grew up in Chicago and the Cubs were probably his boyhood team. I think we'd probably all like to own the team we followed when we were kids. |
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McCray
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Posted: Wed Nov 22, 2006 4:58 pm Post subject: |
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people on the mlb board believe that if jerry does buy the cubs, it practically guarantees them a WS within five years. 
i don't think they're too aware of the cub's situation.
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EvilJuan
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Posted: Wed Nov 22, 2006 5:03 pm Post subject: |
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McCray wrote: |
people on the mlb board believe that if jerry does buy the cubs, it practically guarantees them a WS within five years. 
i don't think they're too aware of the cub's situation. |
How much money have the Cubs got for payroll?
How long will it take ol' Jer to go to 130%+ of that amount, if he winds up owning the Cubs?

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tmar
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Posted: Wed Nov 22, 2006 6:48 pm Post subject: |
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I think if JC bought the Cubs he'd end up too highly leveraged from the bat and wouldn't be able to duplicate his AZ "success". |
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TAP
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Posted: Wed Nov 22, 2006 10:08 pm Post subject: |
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When Jerry sold off his majority share of the Suns after having earlier done the same with the Diamondbacks, he made a statement something to the effect that it was time for him to retire and ensure that his family was set financially. It appeared to be a realization of his own mortality as he was dealing with cancer at the time.
Having apparently beaten the cancer, it's possible Jerry is ready to tackle life with a renewed vigor, and he may be pursuing both baseball and basketball ownership...
Ian Thomsen / SI.com last week wrote: |
Jerry Colangelo on his next move after relinquishing control of the Suns:
"I have a lot of personal stuff going on in real estate in Arizona and southern California, but that's not really my thing. I've kept my eye and ear open to what's going on in basketball and baseball in other cities and franchises. I've had some people approach me about other circumstances." |
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Tucson DBacks Fan
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Posted: Thu Nov 23, 2006 4:34 am Post subject: |
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Jerry has a track record in baseball, and whether it is a good one is a matter of interpretation. He deserves credit, of course, for bringing Arizona a World Series title; but the team experienced severe financial problems in the process that are still hampering the team years after Jerry has moved on to other things. If he goes for a larger market team, he may not run into similar financial problems, but that is not a given. I also think he had a lot of good luck to win the World Series. Getting there wasn't all skill, but he did set up a great organization and align things right for a good try at the World Series. If he tries to win the World Series again with some five year plan ( or less years ), chances are he won't get the same breaks he had with the Diamondbacks. The odds are stacked against any team winning the World Series. He did a great job for the Diamondbacks; but when he left the organization, it was in the process on compiling one of the worst records in baseball history and was declining. That leaves a sour taste in my mouth when I consider the Coloangelo days of the Diamondbacks. I hope he has not set up a pattern of building a team and spending a lot of money for a chance of the title then bailing out with the team deep in debt, Jerry having the fun of seeing the team through it's title run and then selling the team and letting the new owners deal with a less exciting team and all the longterm financial problems he created. |
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shoewizard
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Posted: Thu Nov 23, 2006 6:42 am Post subject: |
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The circumstances are very different of course. In fact they couldn't be more different. And most likely he will do some things differently. I am sure he is a very smart man, and smart people learn from their mistakes. As you say winning a world series is pretty hard, and the odds are stacked against any owner. So most likely we will see less extremes, both in success AND failure. Then again, it is the Cubs.....so who knows.  |
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baldmaga
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Posted: Thu Nov 23, 2006 7:32 am Post subject: |
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Jerry Colangelo will not make the same mistakes twice. He is well aware of the mistake he made in Arizona, and is probably looking to take on a new team, and win another WS, and this time putting it into a position to win more for many years to come.
This is the guy who got baseball to expand to Arizona. |
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TAP
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Posted: Thu Nov 23, 2006 8:48 am Post subject: |
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Tucson DBacks Fan wrote: |
Jerry has a track record in baseball, and whether it is a good one is a matter of interpretation. I also think he had a lot of good luck to win the World Series. when he left the organization, it was in the process on compiling one of the worst records in baseball history and was declining. That leaves a sour taste in my mouth when I consider the Coloangelo days of the Diamondbacks. Jerry having the fun of seeing the team through it's title run and then selling the team and letting the new owners deal with a less exciting team and all the longterm financial problems he created. |
Stephen, I wouldn't be so hard on the man. He brought Phoenix a team, he won three division titles, and he won a World Series Championship, all in just a few short years.
If in 2001 we as fans were given an option that our team could win a World Series with the price being we'd have to endure 3 losing seasons afterward, I can guarantee a large majority of the fans would have taken that option. Also, don't forget AZ won its division the year after they won the WS and also had a winning record in 2003 with RJ and Schilling out most of the year.
'04 was disastrous, and '05 and '06 were mediocre.
On this Thanksgiving Day, I'm thankful to Jerry for bringing baseball to Arizona, for bringing us a World Series Winner, and for letting us see up-close for 5 years one of the most dominating pitchers in MLB history. I'm also grateful to Jerry for hiring Mike Rizzo who helped establish what is currently the strongest collection of young talent in all of baseball, which now combined with Josh Byrnes' GM savvy promises us exciting, winning baseball in Phoenix for many years to come.
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matt
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Posted: Thu Nov 23, 2006 9:17 am Post subject: |
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This Thanksgiving I'm thankful that Bickley's latest piece wasn't so drama queenish.
http://www.azcentral.com/sports/columns/articles/1123bickley1123.html |
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David B
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Posted: Thu Nov 23, 2006 10:22 am Post subject: |
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I think Colangelo felt he had to do things the way he did in Phoenix. Without the baseball tradition of a city like St Louis or Boston, I'm pretty sure he realized he didn't have the luxury of waiting on a farm system to develop talent and needed to make an impact immediately to attract and hold fans. |
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Tucson DBacks Fan
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Posted: Thu Nov 23, 2006 1:38 pm Post subject: |
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Tap, I enjoyed the World Series Championship and attended three of the games in Phoenix including the final game. I admire how successful Arizona was for its first five years. Now, however, are the dog days as we ride things out and wait for the financial situation to get better. I know we should be patient, but it's not easy sitting back and watching the other teams improve themselves hoping that your team can, too, using a lot less money. I like Josh Byrnes and think he'll make some good moves. I like the stockpile of young talent Rizzo et al put together. Good luck to Jerry Colangelo if he buys the Cubs. If so, I hope he is able to turn that team around. |
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