Canning, Jr., adds more muscle in bid for Cubs (TheBizofBaseball)
The apparent front-runner for purchasing the National League’s Chicago Cubs added some financial muscle to his bid this week.
John Canning, Jr., the Chairman and CEO of Madison Dearborn Partners, decided to follow ownership models used in Washington and Boston to put together his group in the bidding for the club from Sam Zell, who is the pending owner of the team after his purchase of The Tribune Cos., earlier this year.
The supposed list comes from The Chicago Tribune (we figure it’s accurate since, well, they still own the Cubs):
* Larry Levy, founder of Levy Restaurants, and industrialist Craig Duchossois, who had initially been looking to place a bid for the Cubs independently.
* Restaurateur, Richard Melman of Lettuce Entertain You Enterprises, owner of Tru, Brasserie Jo and Ben Pao.
* Patrick Ryan, the founder of Aon Corp., and the man leading the Chicago’s bid to host the 2016 Summer Olympics.
* Billionaire Michael Krasny, founder of Vernon Hills-based computer seller CDW Corp. (Madison Dearborn is purchasing the computer giant).
* Edward Kaplan, co-founder of Vernon Hills-based Zebra Technologies Corp.
* David Donnini, a principal in another major Chicago-based private-equity firm, GTCR Golder Rauner.
* Michael Sacks, chief executive of Chicago-based Grosvenor Capital Management, a fund of hedge funds.
* Michael Ferro, a Chicago entrepreneur who founded software maker Click Commerce Inc., which last year was sold to Illinois Tool Works Inc.
Not that Mark Cuban of the Dallas Mavericks had a legit shot in his bid, he might need to come up with some more heavy hitters to improve what chances he has to get it done. It’s gonna be hard to overcome the fact that Canning, Jr., used to be a batboy for the Braves while they were in Atlanta and his currently a minority owner in the Milwaukee Brewers, the team that MLB commissioner Bud Selig once owned.
We’ll apparently find out who the new owner might be just after the Cubs’ season is over.