Selig: All postseason, All-Star games will be full-length affairs

"Me substantiating Volcker would be like you substantiating Grantland Rice," he told a reporter.

Selig wouldn't speculate on whether the economy would slow the potential purchase of the Chicago Cubs, who were put up for sale when Tribune Co. agreed in April 2007 to be acquired by Sam Zell. The next round of bids is due Dec. 1, and representatives of four groups have met with MLB officials in recent weeks.

"The process is in Sam Zell's hands," Selig said. "Time will tell. The bids will come in and then we will be able to make a judgment -- he'll be able to make the judgment."

There has been widespread speculation that the bidders will have trouble financing any deal given the lack of liquidity in the credit markets.

"I don't know what economic problems the bidders have or haven't had," Selig said. "And I don't know that the Tribune knows it, either, frankly."

At the meeting, owners unanimously approved 39-year-old Hal Steinbrenner as controlling owner of the New York Yankees, ending the 35-year reign of George Steinbrenner, who is 78 and in declining health.