Even before he was civilly charged on Monday by the SEC with insider trading, Dallas Mavericks owner Mark Cuban's chances to buy the Cubs had fallen precipitously. The recent round of bids from interested Cubs buyers has remained secret, but Cuban did not make a proposal that would qualify him as a serious buyer, SI.com has learned. So he may have been out even before the SEC spoke out.
With the economy in meltdown, Cubs owner Sam Zell allowed prospective owners to bid for a fraction of the team in the latest round of bidding, and while the bids (some were for the whole team and some for part of it) remain sealed, at least four other groups are still seen as serious, according to people familiar with the sales talks: a Michael Tokarz-led group; investors headed by Leo Hindery Jr. and Mark Utay; Chicago real estate magnate Hersch Klaff; and the Ricketts family, which started TD Ameritrade.
Before the economy crashed, bids were accepted that reached or exceeded $1 billion for the team, Wrigley Field and broadcast properties. However, the country's economic calamity surely limited the most recent proposals to the point where one baseball owner said, "I think (Zell) may hold onto the team for three to five years, and wait for things to improve.''
Even if Cuban's recent bid had been competitive, his latest controversy would have hurt his chances. The SEC charge is related to what they say was an improper sale of Mamma.com that saved Cuban about $750,000 back in 2004, a small savings for a man estimated to be worth in excess of $2 billion. A few weeks ago, the Chicago Sun-Times quoted an unnamed baseball official who said that MLB would never approve a sale to Cuban, who's been a controversial NBA owner due to his frequent criticism of NBA referees.
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thats interesting...cuz i've read he had the highest bid, by far. high bid low bid kiddy bid serious bid...doesn't matter, selig wouldn't approve of Cuban being an owner anyway. all a moot point. kind of stupid if he goes to jail(for him) because he tried to save a tiny percentage of his overall worth. that'd be like a regular dude robbing a guy of his lunch money. woo. wasn't worth the risk...
Gimy
Chicago, IL
Total Comments (117)
Whether you like Mark Cuban or not, he is a sound businessman. If he was involved in a Cubs offer, he was serious. MLB doesn't want him because he is too progressive for their liking. You've got to play by the rules set down by Bud & Co. or you will not be allowed in their club. Typical MLB decision: Allowing Mark Cuban in would be in the best interests of baseball, but not in the best interest of some of the egotistical owners. So he is out. There is likely a good chance that someone in MLB pushed the buttons on this SEC investigation as well. The whole thing is a joke & smells of a setup. Convenient for MLB, as now they have a built in excuse to keep MC out.
doghockey
Total Comments (136)
Mark Cuban did have the highest bid..He is not allowed to buy the team because Bud doesnt want the Cubs to get any player they want..Why you may ask well because Bud used to own the Brewers and that would hurt their chances..He sold his interest in the team but to a family member and Bud will always do what is best for the Brewers..Its time for him to leave!!
IBleedCubbieBlue
New Braunfels , TX
Total Comments (1)
CubbieBlue...your an idoit. It has nothing to do with what 'is best of the Brewers' or that 'Bud doesn't want the Cubs to get any player they want'. I'm am in no way, shape, or form a Cub fan, but I do think that Cuban great for baseball. Bud and David Stern are best friends. David Stern hates Cuban. Bud is locking out Cuban because of Stern. Enough said.
HerseyHawk
Total Comments (2)
What specifically about Cuban's offer makes it not serious? You would think a serious journalist would seek out and share more details before posting information like this, even if it is "only" a blog.
Tito the Builder
Silver Spring , MD
Total Comments (4)
Selig is just worried he won't be able to control Cuban. And yes Selig and Stern are friends and I am sure Stern has bad mouthed Cuban many times. Selig also has a friend of his in the bidding for the Cubs and you can bet he will do whatever he can to make sure his friend has the best chance to buy the Cubs.
bcoltrinari
Staten Island, NY
Total Comments (10735)
interesting how he had made the largest bid the first time and now he does not....more and more this seems like a clear misinformation program by MLB....
Maddux
Chicago , IL
Total Comments (149)
This is not true anymore, he let his daughter take over the team and she failed miserably and eventually had to sell the team to outside sources, so there is no family member in charge of the brewers now. However, Selig does still love the brewers...he only wants to dictate the sale of the cubs to one of this boys, just like he has done with almost every other team that has sold in the past
Maddux
Chicago , IL
Total Comments (149)
keep in mind the key point of this is, it is a CIVIL matter, he is not going to jail for anyone of this, it is civil court and it is interesting that this came up 4 years later, at a time when he is trying to buy the cubs and mlb won't let him, which would raise a serious legal challenge to their antitrust exemption....
Maddux
Chicago , IL
Total Comments (149)
Maddux you might be on to something. Funny that AIG and all these other financial companies have gotten a free pass but Mark Cuban is now being charged with insider trading for an incident 4 years ago. Very interesting indeed.
bcoltrinari
Staten Island, NY
Total Comments (10735)
HerseyHawk...You're the idiot. You'd think that Selig and every other owner would want the Cubs sold for as much as possible. You'd think they'd want it sold to someone who won't go low-rent on payroll, and constantly be in danger of having to sell the team. The problem with that is, Cuban most likely would out-Steinbrenner Steinbrenner and every other owner, and do everything in his power to buy the Cubs a World Series. He'd jack up salaries so high, no other team could compete. And the other owners don't want that. And the other owners, for some ungodly reason, have a say in who ends up buying the Cubs.
Then there's the fact that Cuban speaks his mind. Often. He calls a spade a spade, and a moron a moron. You think Selig wants to pick up the sports page every day and see Cuban's latest rant about him? Hell, Selig makes Dubya look competent. Cuban would burn through a keyboard daily blasting him. You think Selig will ignore the best interests of the game, and the best buyer for the Cubs, so he doesn't have his own incompetence thrown in his face? Ya damn right he will.
GoForthAndDie
Total Comments (110)
plus stern wrote cuban a letter of recomendation to buy the cubs he said he would be good for baseball
michaelblue
Total Comments (2)
plus stern wrote cuban a letter of recommendation to buy the cubs he said he would be good for baseball
michaelblue
Total Comments (2)
I don't get the whole insider trading thing, anyway. I mean, I understand the reason for the law. I understand the spirit of the law. I understand why the law is needed.
But if I've got stock in a company and my friend is pretty high up on the corporate ladder there and he tells me that company is going to do something in two months and I think the stock will fall, am I supposed to just sit there and lose my money? That's retarded.
lvguy
Las Vegas , NV
Total Comments (341)
If Martha Stewart went to jail for the exact same thing for less money why don't you think that MC won't??
Westcoast guy
Chandler , AZ
Total Comments (1)
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