CHICAGO — Illinois is advancing plans to privatize its state lottery — the cornerstone of Gov. Rod Blagojevich’s proposed $10 billion education package — announcing yesterday that it has hired Chicago-based financial advisory firm Scott Balice Strategies LLC as project manager for the transaction.

Although legislative approval is still needed for any transaction, the state plans to soon follow up the selection of a project manager with the announcement of financial advisers and legal counsel, budget office spokeswoman Becky Carroll said. Though Carroll declined to comment on likely members of the team, sources said Goldman, Sachs & Co. is working on the deal as one of several financial advisers.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.