n Selig's mind, Canning has three things going for him. He has deep pockets to buy the team, he has Chicago roots, and, as part owner of the Milwaukee Brewers (he'd have to sell that stake), he's already a familiar face to the league's owners. He's also a big fan: Before becoming a private-equity mogul, he was a young catcher who failed in a 1962 tryout with the Atlanta Braves. "I have enormous respect for John Canning, both as a person and as a businessman. But it's a process that will be fair and open," says Selig. "The Cubs are one of our treasures. It's a storied franchise with legions of fans all over. The only thing I would hope for is an owner who is very protective of the franchise and represents the city of Chicago well."
While Canning is considered the leading contender, closing the deal may not go as smoothly as a Tinker-to-Evers-to-Chance double play. That's because the team is being sold by a public company with a fiduciary responsibility to sell to the highest bidder. In contrast, when hedge fund trader John Henry bought the Boston Red Sox for close to $700 million in 2002, the seller was a public trust. Henry was not the top bidder, but he got the team because he was well regarded by Selig and team owners, who must approve any team sale.
The bidding will begin this summer and will probably stretch beyond the fall's World Series. The Tribune Co. has hired J.P. Morgan Chase (Charts, Fortune 500) to advise on the sale, and the key for the investment bankers is finding a potential owner who can pay top dollar yet pass muster with Major League Baseball.
Canning is said to be working with New York investment bank Allen & Co. and its managing director Steve Greenberg, who coincidentally is the son of Hall of Famer "Hammerin' Hank" Greenberg. Steve has an impressive baseball résumé himself, having played in the minor leagues for the Washington Senators after graduating from Yale. He also served as a deputy commissioner of MLB.
Chasing the Cubs - Jun. 25, 2007