09/26/2008 05:12 am ET Updated May 25, 2011

Tribune Wants Cubs Sold By Year-End: Zell

Tribune Co. plans to have a deal to sell the Chicago Cubs by yearend, CEO Sam Zell said Tuesday.

The company will choose from the current field of five bidders and present a sale plan to Major League Baseball that is "fully negotiated, fully financed and where the MLB's decision would be hopefully very rapid," Mr. Zell told bond investors on a conference call Tuesday.

Three-quarters of the nation's baseball franchise owners must approve any Cubs buyer. MLB has offered to hold a special meeting, should one be necessary, to speed the approval process, Mr. Zell said.

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