Aug 21, 2009 1:45 pm US/Pacific
Tribune Sells Cubs, Wrigley To Ricketts Family
Transaction Still Needs Court, MLB Approval
CHICAGO (CBS) ―
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Chicago Cubs' Wrigley Field. (File)
It's dragged on longer than the Brett Favre "I'm retired, I'm not retired" saga, but the Chicago Tribune reported Friday that its parent company's sale of the Cubs has been finalized, according to CBS station WBBM-TV in Chicag.
The paper says the Ricketts family will shell out about $900 million for the team, Wrigley Field, and a 25 percent share in Comcast SportsNet Chicago.
"Our family is thrilled to have reached an agreement to acquire a controlling interest in the Chicago Cubs, one of the most storied franchises in sports," said Joe Ricketts, who founded the Omaha, Neb.-based online brokerage TD Ameritrade Holding Corp. "The Cubs have the greatest fans in the world, and we count our family among them."
The successful bid was led by Tom Ricketts, 43, a Chicago investment banker and Joe Ricketts' son. He is a Cubs die-hard who grew up watching the team, once lived in an apartment across the street from Wrigley and first met his wife in the stands at a game there.
Major League Baseball still must approve the sale, but that is not expected to be an obstacle. The ownership change needs to be approved by three-quarters of the league's 30 owners.
The Tribune Company would retain about a 5 percent stake in the team to avoid a huge tax hit from the sale.
Because the Tribune Company is in Chapter 11 bankruptcy, the deal must be approved by a U.S. Bankruptcy Court judge. It also must get the green light from Major League Baseball.
Now more than a century removed from their last World Series title, the Cubs were purchased by Tribune Co. from Wm. Wrigley Jr. Co. for $20.5 million in June 1981. That's about $47 million in today's economy. But with a sale price near $900 million, that's still an $850 million profit.
Tribune Co. put the team on the market on opening day 2007, when real estate mogul Sam Zell agreed to buy the corporation.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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