August 25, 2009
Cubs’ buyer chosen: Ricketts family
Cubs sold to Ricketts family: $800M
Tribune passes first hurdle in Cubs’ sale
MLB owners approved sale of Cubs
Cubs file for bankruptcy
Hyatt Hotel across from Wrigley?
What’s up with the Cubs sale? Thought it was a done deal that was set to be approved by MLB and then the Ricketts take over at the end of the season. Now the Ricketts are saying get the deal done in a couple of weeks or we walk. Don’t know the deadline if one was given.Hearing will be next Monday.
Evidently court papers were filed, which made all this info available. Makes you wonder if he had to have his column approved and certain things censored.
From the Trib’s AMEET SACHDEV.
Here’s a wrinkle I wasn’t aware:
The Ricketts family in late July gave Tribune Co. a deadline of Aug. 7 to finalize terms. The company said it would try to meet that time frame but also continued to negotiate with Utay, court papers said.
On Aug. 7, Tribune Co. had a deal largely completed with the Rickettses but not with Utay. The company, owner of the Chicago Tribune, then entered into a two-week exclusive negotiating period with the family.
On Aug. 20, the day before Tribune Co. announced the deal, it received a letter from Utay that contained an updated offer, details of which were not contained in court documents. Tribune Co. officials, after notifying the Rickettses of the letter, rejected Utay’s last-ditch proposal.
As specified in the original deal made public on the 21st – the sale is pending bankruptcy court which includes the Cubs. The Tribune already filed Chapter 11 in December. If the original deal stands the Trib stands to make post taxes $740M and retain that last 5%.
I sure hope this means they’ve found a sewer to dump Soriano in. I don’t understand why Lou has to play him “because they are paying him so much money”. They’re paying him that much money to WIN. With him in the lineup we’re not winning and Sam Fuld deserves to play and Soriano needs to be shamed. He needs to sit on the bench the rest of the season so he has no chance to better his numbers. You know that as soon as we are mathematically out of it – Soriano will suddenly be finding the basket again. Same thing Ramirez used to do.
Chairman Crane Kenney:
The process of competing for player talent in MLB is incomparably fierce, and by operating in Chapter 11 the Cubs would face a severe competitive disadvantage in their ability to retain, acquire or trade for players, based on the perception that the transaction would require Bankruptcy Court approval or might be unwound at a later date.
And if the Tribune doesn’t wrap things up in the 4th quarter they have to pay the Ricketts family a $20M.
Not sure if this means not all the games will be one WGN. They have to. That’s how the Ricketts family heard the game as kids.
Court papers also revealed that Tribune Co.-owned WGN will retain rights to broadcast certain Cubs games on radio and television through Oct. 31, 2022.
