NEW YORK -- Bidders for the Chicago Cubs have until Dec. 1 to submit offers, Major League Baseball said Wednesday after a meeting of its ownership committee.
Bob DuPuy, baseball's chief operating officer, said representatives of four bidders have met in New York in recent weeks with officials from the commissioner's office, MLB's Internet company and the sport's new television network.
The team was put up for sale in April 2007 when Tribune Co., the Cubs' owner, announced it was being acquired by real estate developer Sam Zell. DuPuy said the latest deadline was set by the Tribune Co.
"Bids are expected the week after Thanksgiving," DuPuy said. "Mr. Zell claims the team is for sale and they're moving forward."
Given the current financial climate and the difficulty in raising capital, there has been widespread speculation that bidders are having trouble raising money for a purchase of the famously unsuccessful franchise, which hasn't won the World Series in a century.
Baseball officials do not think Dallas Mavericks owner Mark Cuban has been part of the bidding process for months. Cuban was charged Monday by federal regulators with insider trading for allegedly using confidential information on a stock sale.
In other actions:
• MLB said it had ceased efforts to locate the MLB Network in Harlem and would keep the offices and studios at their temporary location in Secaucus, N.J.
• The sport adopted a budget with no increase for 2009, deferring unspecified projects because of the deteriorating economy.
• Discussions took place to formalize in the rules commissioner Bud Selig's decision that postseason games cannot be shortened due to weather.
MLB took in a record $6.5 billion this year, but DuPuy said the economy had caused baseball to be cautious in its spending.
"No one wants to count any dollars before they actually come across the transom," he said.
Of specific concern has been the Nov. 10 announcement by Deutsche Post AG, the German parent of DHL, that it will no longer offer U.S. domestic-only air and ground services as of Jan. 30. DHL sponsors MLB awards for relief pitchers, and the company has agreements with some individual teams.
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