Report: Chicago real estate firm bids for Wrigley

A story on the Chicago Sun-Times Web site said Inland Real Estate Group of Companies Inc., one of the country's largest owners of shopping centers, submitted the offer to Tribune Co.--which is selling the ballpark and baseball team because it needs money to pay down billions of dollars in debt incurred when it went private last year.

An Inland spokesman would not confirm or deny the report, saying the company does not comment on "market rumors." Vice Chairman Joseph Cosenza could not immediately be reached.

Crane Kenney, the Cubs' chairman and outgoing general counsel of parent Tribune, did not immediately respond to an e-mail seeking comment.

Tribune has received about 30 bids for either the team or the stadium or both, the Sun-Times said.

In June, Tribune said Major League Baseball had approved nine potential buyers for the team and park. Among those reported to be in the running are a group headed by John Canning, chairman of private equity firm Madison Dearborn Partners LLC; Internet billionaire and Dallas Mavericks owner Mark Cuban; and the family of TD Ameritrade Holding Corp.'s founder Joe Ricketts.

Separate news reports this week indicated that Tribune set a Friday deadline for offers from bidders approved by Major League Baseball.

Tribune owner Sam Zell, who made his fortune as a real estate developer before leading the $8.2 billion buyout of the publishing company, has said he prefers to sell the team and stadium together but is also soliciting bids for them individually.

Outside experts believe a package that includes Wrigley Field, the second oldest ball park in the majors, and the Cubs could bring the cash-crunched media conglomerate as much as $1 billion.

The Illinois Sports Facilities Authority, a state agency run by former Gov. Jim Thompson, had been in negotiations with Tribune to buy the stadium for about $400 million. Those talks broke down last month on a dispute over how the deal would be structured for tax purposes.