Report: Zell rejects proposed sale of Wrigley

May 13, 2008 5:45:40 AM PDT
Sam Zell is reportedly rejecting the proposed sale of Wrigley Field to the state. Former Governor Thompson, the head of the Illinois Sports Authority, had proposed a plan to buy and renovate the ballpark for $400 million without raising taxes.

The Sun-Times is reporting that Zell -- the chairman of the Tribune Company -- is not signing off on the plan because of how it would've been financed.

To raise the money, Thompson's plan would have sold individual seats at Wrigley like condominiums. Zell reportedly feared it would scare away potential buyers of the team.