Update 1:13 PM: The MLB has announced that the Los Angeles Dodgers have won the bid on Hyun-Jin Ru. It was a very high bid for Ryu, who has the ceiling of a #3 or #4 pitcher, but as we saw with the Yasiel Puig signing, the Dodgers are willing to bid above and beyond what other teams believe to be fair market value in order to add international talent. There were some rumblings early on in the Korean press that perhaps the Cubs had won the bid, so there were some hopes. It also suggests the Cubs bid was very competitive. (John Arguello)
Jon Heyman is reporting that the Cubs did not submit the winning bid on Korean import Hyun-Jin Ryu. The winning bid is supposedly for 25.7 million dollars. It's also been reported that the Texas Rangers and the free-wheelin L.A. Dodgers were bidders for Ryu's services. The team with the winning bid will now have a month to negotiate a contract with Scott Boras. ( What's second place? 6 weeks to negotiate with Boras...?) This doesn't give Boras all the leverage, the winning team can simply let the month pass and let Ryu go back to Korea.