Going ... Going ... Sold!
By ZACH CHRISTMAN
Updated 7:19 PM EDT, Fri, Aug 21, 2009
Nearly two years after the Cubs were put up for sale, and tons of will-they-or-won't-they speculation, the deal is finally done.
The Tribune Co. announced Friday that it has officially reached the long-awaited definitive agreement to sell the Chicago Cubs and Wrigley Field to the billionaire Ricketts family.
It's finally final, folks. Well, almost. A bankruptcy judge and MLB still have to approve the purchase, but odds are that both will. If all goes according to plan it will be a done deal by November, when the MLB owners meet in Chicago.
The Tribune said it is selling all but a 5 percent stake, for about $845 million.
The Ricketts family founded online brokerage TD Ameritrade Holding Corp. and was led in the Cubs bid by Chicago investment banker Tom Ricketts, the son of company founder Joe Ricketts.
Tom Ricketts is a die-hard Cubs fan who met his wife in the bleachers at Wrigley Field. Many fans have welcomed the team's sale to a family of fans.
"The fans are going to love the ricketts family," said Dennis Culloton, a spokesman for the family. "They are Cub fans and they are Major League Baseball fans."
The sale includes a 25 percent stake in Comcast SportsNet Chicago, which broadcasts many Cubs games.
Copyright Associated Press / NBC Miami
First Published: Aug 21, 2009 5:20 PM EDT on NBC Chicago
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