Diggings

A blog by Toby Dayton
Career Homerun Champ Hank Aaron Might Save The Tribune Company…

Posted on Tuesday 26 August 2008 |

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The most recent news surrounding the Cubs is that Hank Aaron, major league baseball’s record holder for career homeruns (Bonds has no business claiming this feat), is leading a group to buy the Cubs. Aaron serves on the board of the Sports Properties Acquisition Corporation (SPAC) which went public in January for the sole purpose of acquiring a sports franchise. While the company only raised $252 million, far short of the $1+ billion Tribune/Cubs owner Sam Zell is expecting, recent people joining the effort bring vastly deeper pockets to the table. Zell’s going to need all the cash he can get to unload a chunk of the debt that’s sinking his efforts to save his dying newspaper company.

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