Tribune Co. informed would-be buyers of the Chicago Cubs and Wrigley Field on Wednesday whether they would be invited to continue in the auction based on last week's initial bids, with at least one previous frontrunner seemingly on the outs -- at least for now.
A group led by John Canning, chairman of Chicago private-equity firm Madison Dearborn, valued the Cubs, Wrigley and the team's stake in Comcast SportsNet at far less than the $1 billion or more that the four or five groups Tribune Co., which owns the team, deemed satisfactory to continue, a source with knowledge of the process said.
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