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It has become apparent that Sam Zell made a real mistake when he stretched out the sale of the Chicago Cubs. According to todays Wall Street Journal it now looks like the Tribune will maintain a 50% ownership stake in the ballclub. As E&P’s blog points out, it’s funny how a man portrayed as a decisive ‘man of action’ waited too long to sell this club. Anyways, WSJ descrides Zell’s lastest plan:

Sam Zell’s Tribune Co. may end up holding 50% or more of the media company’s storied Chicago Cubs baseball franchise as the credit crunch stalled sales talks.

In recent weeks, an early plan to sell a 95% stake has fallen to about half as suitors’ ability to buy the team and its landmark stadium on Chicago’s North Side waned, according to two people involved in the negotiations. On Thursday, bidders were preparing to receive a request to submit new purchase proposals with financing details, those people said.

Now that is a real departure from the sale plans for this franchise. WSJ questions Zell:

But the likelihood of selling a smaller stake raises the question of whether Mr. Zell erred by not pushing for a quick sale after he took control of Tribune. Mr. Zell had said the sale of the Cubs, the stadium and a 25% stake in a regional sports network was a priority when he struck a deal to buy Tribune for $8.2 billion in April 2007. The Tribune acquisition saddled the TV and newspaper company with $13 billion of debt amid declining revenue at its eight major daily newspapers.

Then Mr. Zell spent several months working with Illinois officials to secure public financing to renovate its home, Wrigley Field, in hopes that such a deal would increase the value of the team. The talks ultimately failed to produce a deal, but by then credit markets had begun to seize up.

The financial crisis this fall has made the situation worse. Now any sale would call for Mr. Zell to sell off Tribune’s interest in the team over time. It is unclear how long that would take.

Meet the new boss, same as the old boss. When Zell finds his business partner, it probably won’t be Mark Cuban. According to today’s Bright One Cuban will not pass mustard with Selig and his cronies. I guess the blogmaverick is just to ‘mavericky’(thanks Tina Fey) for Selig and baseballs old guard.

And sources close to commissioner Bud Selig sounded an alarm this week during the annual general managers meetings: Forget about Mark Cuban buying the Cubs.

Cuban, the Dallas Mavericks’ owner, was the fan favorite, the guy who liked to drink beer, watch the game from the bleachers and spend money. He was the most appealing bidder to Zell’s group, who knew Cuban could swing the quickest transaction for a team and ballpark that at one time figured to fetch $1 billion.

Global financial crisis or not, baseball’s old guard plans to stand firm against letting Cuban into the club. ”There’s no way Bud and the owners are going to let that happen,” a Major League Baseball source said this week. ”Zero chance.”

Unreal. I guess this put’s Selig pal John Canning back in the drivers seat, especially with Tribune now selling a small portion of the club. I am still unsure if a group like Canning’s can get the financing for half a billion dollars, but who am I? Chris DeLuca verifies this:

All of this likely will put the group headed by John Canning Jr. — Selig’s personal favorite — back as the front-runner.

Not a good time to sell a ballclub. Or anything that needs financing…