Real estate exec Klaff bids for Chicago Cubs: source

Real estate executive Hersch Klaff is one of the bidders for the Chicago Cubs baseball team in an auction that could top $1 bln, a source familiar with the process said.
Klaff, president of Chicago-based Klaff Realty LP, heads one of at least 10 groups bidding for the baseball team, said the source, who asked not to be identified because the sales process is ongoing.
Tribune Co, which also owns the Chicago Tribune and Los Angeles Times newspapers, is selling the Cubs, as well as the team's storied ballpark Wrigley Field and a stake in a regional sports television network.
The asset sales are part of a move to cut debt that the company took on when it went private in an $8.2 bln deal led by real estate magnate Sam Zell.
Bidders are anxious to take control of the team, which is aiming for its first World Series title since 1908. The Cubs are nationally recognized due to the team's history as lovable losers and its national exposure on cable television.
Klaff was not immediately available to comment.
The initial first-bid deadline, where groups submitted indications of interest, was on Friday.
Some other groups that submitted bids included John Canning Jr., chairman of Chicago-based private equity firm Madison Dearborn Partners; Don Levin, owner of the Chicago Wolves minor league hockey team; Sports Properties Acquisition Corp and the family of Joe Ricketts, the founder of Omaha, Nebraska-based TD Ameritrade Holding Corp.
Klaff Realty is a privately owned real estate investment company that focuses on U.S. office and retail space. It specializes in the acquisition of distressed retail space and has acquired properties totaling about 27 mln square feet with a value in excess of $1 bln, according to the company website.
Its current portfolio consists of about 850,000 square feet of office space and more than 24 mln square feet of retail space in the United States, according to the website.
Four to five bidders are expected to make it to the next round of the auction, with binding proposals expected shortly after the end of the baseball season. The regular season ends in late September and playoffs could last into late October. The sale could close by year-end or very early next year.
Tribune plans to keep a 5% stake in the team in a deal that could save the company mlns of dollars in taxes, a source has told Reuters.