Local favorite John Canning is out of the running to buy the Chicago Cubs, according to a report in the Chicago Tribune. Both the newspaper and the Cubs are owned by Tribune Company. Canning is the Chairman of the Chicago-based Madison Dearborn investment group and a personal friend of Major League Baseball Commissioner Bud Selig, but that didn’t help because he apparently wasn’t willing to bid high enough to make it to the second round. Neither did Chicago Wolves hockey team owner Don Levin. Dallas Mavericks (NBA) owner Mark Cuban, however, is reported to be one of the five or so going onto the second round of bidding. Tribune Company is hoping to get around $1 billion from the sale of the Cubs and Wrigley Field, although the two could be sold separately.