Cubs’ buyer chosen: Ricketts family
Ricketts Family: deal done couple weeks or we walk
Tribune passes first hurdle in Cubs’ sale
MLB owners approved sale of Cubs
Cubs file for bankruptcy
Hyatt Hotel across from Wrigley?
It took 8 months, but billionaire SAM ZELL and billionaire, TD Ameritrade founding, true Cubfans RICKETTS FAMILY have inked a deal for $800M.
They beat out 8 other bidders, including MARC UTAY, who entered the fray two months ago.
Wrigley Family owned it for 65 years.
Tribune Company purchased it in 1981 for $20m.
Terms of the deal:
Present assets: $845M
Initial Ricketts’ bid: $900M
Selling price: $800M
95% interest in all assets:
- The [tanking] Cubbies
- Wrigley Field [which better remain so named]
- Tribune Company’s 25% stake in ComCast SportsNet
WGN TV/Radio retain long term broadcasting rights
Fact it was sold to Cubfans: Priceless.
SAM ZELL:
This joint venture will provide dedicated, local family ownership and management for the team. The Ricketts family will be a great steward of the franchise. They have a strong respect for the team, for the fans, and for what the Cubs mean to the City of Chicago.
JOE RICKETTS:
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. The Cubs have the greatest fans in the world, and we count our family among them. We look forward to closing the transaction so that we can begin leading the Cubs to a World Series title.
Potential complications:
Pending MLB approval
Tribune Comapny filed Chapter 11 December 2008
Cubs will also be placed in Chapter 11 so new owners will start free and clear
Payment of players, vendors, ticket holders, sponsors, etc should not be affected
Ricketts family will take control after the season [meaning October 5th]
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Source: Chicago Breaking News AMEET SACHDEV
