September 23, 2009
Cubs’ buyer chosen: Ricketts family
Cubs sold to Ricketts family: $800M
Ricketts Family: deal done couple weeks or we walk
MLB owners approved sale of Cubs
Cubs file for bankruptcy
Hyatt Hotel across from Wrigley?
Can see why they wanted to get rid of Bradley so quickly. Too bad they couldn’t claim him in bankruptcy court.
Tribune Co. passed the first hurdle in the selling of the Cubs to the Rickett’s family.
Close of the deal the Tribune Co. will retain a 5% stake.
Bankruptcy court (in Delaware) approved transaction – as was expected.
Only one objection was raised…by ex-shortstop Shawon Dunston. He filed a handwritten letter seeking to recoup “college money” he felt he was owed. That was last Thursday – by Tuesday it was dropped.
2-The Cubs have to file a separate bankruptcy case, so the “Cubs’ assets are transferred free and clear of all liens and claims, and that contracts to which either Tribune or the team is a party can be assumed and assigned to the new owner”.
Filing expected October 12 and ruled on the next day. Also don’t expect any problems.
3-MLB has to sign off on the deal and Commissioner Bud Selig “has recommended confirmation of the transaction to the owners”.
Source: Chicago Breaking News’ MICHAEL ONEAL & AMEET SACHDEV
