Sports Properties Acquisition Corp Rumored in Bid to Buy the Chicago Cubs

According to an article yesterday in the Washington Post, Fred Malek, the Washington-based private-equity, formerly of Northwest Airlines and Marriott Hotels, has joined up with Sports Properties Acquisition Corp, a $200 million SPAC priced in January of this year, to make a bid for the Chicago Cubs.

The targeted properties, including the baseball team, Wrigley Field and a a portion of a regional sports network, are expected to sell for over $1 billion.

Malek, 71, has joined up with some heavy hitters to try and win the bid, including Stanley Kreitman, Hank Aaron, Mario Cuomo, Andrew Murstein, Richard Mack, and Jack Kemp, all board members of the SPAC.

Click here for the WaPo article