Consultant: Cubs could be sold for more than $1 billion

They may not have won a World Series since 1908, but the Cubs are a hot commodity financially, Crain's Chicago Business is reporting tonight.

In 1981, the Tribune Company purchased the Chicago Cubs from William Wrigley for $20 million. Sam Zell, who purchased the media conglomerate today, plans to sell the team--and he could get a lot for those "lovable losers."

From Crain's:

Potential bidders should be prepared to up their antes for the Chicago Cubs.

“It’ll go north of $800 million, and I wouldn’t be surprised if it went for more than $1 billion,” says Marc Ganis, a Chicago-based sports industry consultant, putting out figures higher than earlier ballpark guesses of $600 million.

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