Chicago Tribune reports John Canning's bid shot down

The Chicago Tribune is reporting that the 10 bidders has been knocked down to 5 for purchase of the Cubs-Wrigley-etc package.

A group led by John Canning, chairman of Chicago private-equity firm Madison Dearborn, valued the Cubs, Wrigley and the team's stake in Comcast SportsNet at far less than the $1 billion or more that the four or five groups team owner Tribune Co. deemed satisfactory to continue, a source with knowledge of the process said.

Canning declined comment.

Interesting to see that Bud Selig's buddy was unable to get approval to be sent to the 2nd round of bidding. The article says that Canning does have the opportunity to make a better offer and join the 5 already allowed to advance, but it's important to see that the favorite to buy the team was seriously outbid to the point that the group wasn't allowed to continue. This sale sounds like it'll have an absurd dollar amount, and not just given to Bud Selig's friend, John Canning.

It's also noted that 3 groups out of 10 vying for the chance to buy just Wrigley Field were able to advance to round 2.

No word yet on how Mark Cuban's group did. I'm sure he'll be saying something somewhere on TV or the internet soon about it.

Cuts made in the Cubs buying process [Chicago Tribune]