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Friday, January 23, 2009

Ricketts Family Wins Ownership Ticket Offer to Chicago Cubs for $900 Million

The sale for one of the most popular sports franchises in the world has been narrowed down to just one.

The Ricketts family, which made their fortune with online brokerage TD Ameritrade, has been selected by the Tribune Co. to enter into exclusive negotiations to purchase the Chicago Cubs, Wrigley Field and a stake in Comcast SportsNet for $900 million.

The deal would be 50% cash and 50% financing, but aside from various aspects to the negotiations with the Tribune Co, it would need to be approved by 23 of 30 of Major League Baseball owners.

The Tribune Co. has been trying to unload the Chicago Cubs to raise funds to address its current bankruptcy.

In 2002, the Boston Red Sox and a 80% stake in a sports network were sold for $700 million.

The Tribune Co. bought the Chicago Cubs in 1981 from the Wrigley family for $20.5 million.

Aside from winning a World Series, what changes would you like to see new ownership do for the Chicago Cubs or Wrigley Field?

1 comment:

Anonymous said...

I find it very interesting that the Tribune is in bankruptcy. The Sun TImes is in trouble the NY Times is in trouble the LA Times is in touble, the Mlps Star is in trouble, the Washingtonian is in trouble....What do all of these papers have in common. All very libral. They would like to blame their failings on poor advertising revenue. However, if you look closer you will find they all helped put our Messiah in office without any real investigation of his qualifications or background. Could be these papers are failing for NOT DOING THEIR PROPER JOBS IE:investigative journalism! Well I say good ridance to these left wing arms of the Democratic party. The sooner they are gone the better. People want facts not some slobering drool that some uneducated cub reporter proffer as news because he is enamored of some rock star. Goodby to bad rubbish may you never be the Phoenix.