Truth & Rumors > MLB

Cuban: Economy slowing Cubs sale

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The credit crunch and the failing economy have put the brakes on the sale of the Cubs, said Dallas Mavericks owner Mark Cuban, one of the finalists to buy the team. ''Yeah, it's going to affect the deal structure,'' Cuban said Thursday at the United Center, where the Mavericks played the Bulls in an exhibition game. ''It's going to create a challenge. Anytime the cost of capital goes up, the cost of assets goes down, which is what you're seeing in the stock market. Honestly, they'd be crazy to do something now because it's not optimal for them and it's not optimal for the buyer. So there's not really a rush. ''In a market like this, when there's so much uncertainty and IBM and General Electric don't know how much they're going to pay on a loan, Mark Cuban doesn't know, either. Six months ago, you could say: 'Here's how much this debt is going to cost you. Here are the terms that are available. Yes or no?' Now you can't do that anymore. Even if we wanted to close the day after tomorrow, the banks might not be able to close. There's that uncertainty that gets involved. So that just changes the tenor of it.'' Cuban said he's content to let time take care of the purchase particulars of a deal some value at $1 billion or more. And he wouldn't hazard a guess as to when the sale would be finalized.

Chicago Sun Times

Mark Cuban, Brian Bahr/Getty Images Mark Cuban, Brian Bahr/Getty Images

Comments (29) Add A Comment

October 10, 2008  07:44 AM ET
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Wow ... slim pickin's for stories this morning T&R. Is this all you can dig up for us????

October 10, 2008  08:43 AM ET
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I guess that's why guys like Cuban are so wealthy. They have such vision and awareness, like 6th sense or something? Wow, I need to call my broker, the economy is bad, huh?????????

October 10, 2008  08:58 AM ET
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Are you sure it is the economy or the fact no matter how much payroll you add or things you do this team is just doomed to always fall a day late and dollar short?

October 10, 2008  09:19 AM ET
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QUOTE(#3):
Originally posted 08:58 AM ET  10.10 by A Fact

Are you sure it is the economy or the fact no matter how much payroll you add or things you do this team is just doomed to always fall a day late and dollar short?

That's one of the foundational principles of Economics kids. Hell, even Adam Smith wrote about the exclusionary factors of the Cubs **** up somehow...

October 10, 2008  09:30 AM ET
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Is it really the economy or the fact the Cubs got swept out of the playoffs...again.

October 10, 2008  10:18 AM ET
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Time to liquidate some holdings there, Cuban. Might I suggest you sell the Mavs to somebody else?

October 10, 2008  10:47 AM ET
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QUOTE(#5):
Originally posted 09:30 AM ET  10.10 by Zizou10

Is it really the economy or the fact the Cubs got swept out of the playoffs...again.

Could be

October 10, 2008  10:51 AM ET
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cubs have a real solid fan base regardless of where they finish, it is the economy.

Comment #9 has been removed
October 10, 2008  12:37 PM ET
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I feel like an idiot....as I scanned the headline I read it as "Cuban economy" and I wondered why would events in Cuba have any bearing on the sport?

Comment #11 has been removed
October 10, 2008  02:17 PM ET
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QUOTE(#8):
Originally posted 10:51 AM ET  10.10 by AllStarz

cubs have a real solid fan base regardless of where they finish, it is the economy.

right, cubs are a cash cow regardless...though if they win the world series, or even come close, that franchise will be making money hand over friggin fist.

October 10, 2008  02:19 PM ET
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everyone ripping on cuban's comments, but i don't get it....... he said a lot more than the economy is bad. he explained how that affects major business deals. what he said made a lot of sense and i learned something about economics from his comments.

October 10, 2008  02:58 PM ET
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Fanbase is for sure solid, besides those idiots selling there Cubs "loyalty" online, which doesnt say much for there loyalty if you ask me, but to each there own. Better off without those lame arse so called fans.

October 10, 2008  03:59 PM ET
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QUOTE(#5):
Originally posted 09:30 AM ET  10.10 by Zizou10

Is it really the economy or the fact the Cubs got swept out of the playoffs...again.

Dumb comment. Cuban wants to but the team more than ever...he is salivating over the prospect of winning a WS with the Cubs. I'm sure he was relieved the Cubs didn't make it this year.

October 10, 2008  03:59 PM ET
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...meant "buy" the team

October 10, 2008  04:25 PM ET
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QUOTE(#15):
Originally posted 03:59 PM ET  10.10 by texascub08

Dumb comment. Cuban wants to but the team more than ever...he is salivating over the prospect of winning a WS with the Cubs. I'm sure he was relieved the Cubs didn't make it this year.

You shouldnt put the Cubs and World Series in the same sentence. Its like putting Honest and politician in the same sentence, it just doesnt make sense!

October 10, 2008  05:05 PM ET
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After the way the Cubs choked this year, they would be fortunate if Red Klotz, the founder and owner of the Washington Generals, would want to buy them. At least the Generals beat the Globetrotters once.

October 10, 2008  06:48 PM ET
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QUOTE(#18):
Originally posted 05:05 PM ET  10.10 by KenoshaMark

After the way the Cubs choked this year, they would be fortunate if Red Klotz, the founder and owner of the Washington Generals, would want to buy them. At least the Generals beat the Globetrotters once.

Only a White Sox fan would say that ... Kenoshamark is a Cubs Hater ..and has no sense of hummur

 
October 10, 2008  06:50 PM ET
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I hope who ever buys the cubs stays in Chicago .. just piss Kmark Off!!!!!

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