Report: Canning Out of Cubs Auction

So much for having the inside track. The Chicago Tribune is reporting that a group led by John Canning has not been invited to the second round of bidding for The Chicago Cubs. Canning is chairman and co-founder of Madison Dearborn Capital Partners, and is known to have a close relationship to MLB Commissioner Bud Selig. That friendship, however, apparently wasn’t enough to overcome a bid that reportedly did not approach the $1 billion floor established by other bidders. Such bids would set a record for sports franchises, although they also include Wrigley Field and a local sports cable channel. As peHUB reported earlier this week, the Canning group included: Bruce Rauner, principal and chairman of buyout firm GTCR Dave Donnini, principal with GTCR Byron Trott, banker with Goldman Sachs known for his relationship with Warren... [read full story]