01-22-2009, 06:10 PM
<!--quoteo-->QUOTE <!--quotec-->Tribune Co. has selected a favored bidder for the Chicago Cubs and has forwarded the offer to the media company’s creditors, sources said today.
One person familiar with the process said the endorsed bid was from Thomas Ricketts, president of corporate bond dealer Incapital LLC. He is the son of Joseph Ricketts, founder of the TD Ameritrade brokerage.
A Ricketts spokesman said neither he nor his client knows which offer was sent to Tribune creditors. His bid is one of three proposals for the Cubs that Tribune evaluated at length after weeding out several others.
Ricketts is believed to have offered around $900 million. The Cubs, without a World Series crown in 100 years, still are among the most valuable franchises in Major League Baseball because of their strong attendance and national TV following.<!--QuoteEnd--><!--QuoteEEnd-->
<!--quoteo-->QUOTE <!--quotec-->“They want Ricketts, and it’s always been Ricketts,” a source said.
While the others might have bid a higher price for the team, the source said the Ricketts offer had more conservative financing, an important factor when credit is extremely tight.
Also, Ricketts lives in the Chicago suburbs and represents what it essentially a family bid. Baseball owners, who must approve any Cubs sale, are known to favor tight-knit groups of owners with local ties.
Ricketts has an advantage because he hired the law firm Foley & Lardner to assist him in the ownership quest. A Foley partner is Robert DuPuy, who is president of Major League Baseball.<!--QuoteEnd--><!--QuoteEEnd-->
One person familiar with the process said the endorsed bid was from Thomas Ricketts, president of corporate bond dealer Incapital LLC. He is the son of Joseph Ricketts, founder of the TD Ameritrade brokerage.
A Ricketts spokesman said neither he nor his client knows which offer was sent to Tribune creditors. His bid is one of three proposals for the Cubs that Tribune evaluated at length after weeding out several others.
Ricketts is believed to have offered around $900 million. The Cubs, without a World Series crown in 100 years, still are among the most valuable franchises in Major League Baseball because of their strong attendance and national TV following.<!--QuoteEnd--><!--QuoteEEnd-->
<!--quoteo-->QUOTE <!--quotec-->“They want Ricketts, and it’s always been Ricketts,” a source said.
While the others might have bid a higher price for the team, the source said the Ricketts offer had more conservative financing, an important factor when credit is extremely tight.
Also, Ricketts lives in the Chicago suburbs and represents what it essentially a family bid. Baseball owners, who must approve any Cubs sale, are known to favor tight-knit groups of owners with local ties.
Ricketts has an advantage because he hired the law firm Foley & Lardner to assist him in the ownership quest. A Foley partner is Robert DuPuy, who is president of Major League Baseball.<!--QuoteEnd--><!--QuoteEEnd-->