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The Chicago Cubs have culled the number of bids for the team to five, all at $1 billion or more, and tossed out an offer from a group regarded as the favorite of Major League Baseball, sources said Wednesday.
The Cubs, owned by Tribune Co., have rejected an offer from a large investment group led by John Canning Jr., chairman of Madison Dearborn Partners LLC. Canning, a part owner of the Milwaukee Brewers, is a close associate of baseball Commissioner Bud Selig.
Making the cut as the Cubs winnowed the list of bids from an original 10 respondents was Mark Cuban, owner of basketball’s Dallas Mavericks, said a source familiar with the process. The identity of the other finalists couldn’t be learned.
Canning declined to comment. He represented a group that included Aon Corp. Chairman Patrick Ryan, business leader Andrew McKenna and restaurateurs Richard Melman and Larry Levy, among others.
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