07-07-2009, 01:49 PM
<!--QuoteBegin-"Reuters"+-->QUOTE ("Reuters")<!--QuoteEBegin--><!--sizeo:4--><!--/sizeo-->
UPDATE 1-
Utay, Tribune also reach deal for Cubs - sources<!--sizec--><!--/sizec-->
Tue Jul 7, 2009 12:46pm EDT
<!--sizeo:2--><!--/sizeo-->* Deal gives Tribune a second offer to submit to court
* Offer higher than Ricketts bid, but less cash upfront
* Tribune denies agreement with either party<!--sizec--><!--/sizec-->
CHICAGO/NEW YORK, July 7 (Reuters) - Tribune Co (TRBCQ.PK) has agreed to terms for the sale of the Chicago Cubs to a group led by private equity investor Marc Utay, giving the company two offers to submit to the bankruptcy court, two sources familiar with the sale process said on Tuesday.
On Monday, a source said the Ricketts family had agreed to terms for the purchase of the team for slightly less than the $900 million it offered in January.
One of the sources reporting the Utay group's deal said the new offer is "a higher price but less cash upfront" than the Ricketts bid.
"I don't think it's completely over yet," said the source, who asked not to be identified because the sale process is ongoing. "By the same token, Ricketts has a real edge here."
Tribune, which has been trying to sell the team for more than two years to reduce the company's debt burden, said no agreements are in place.
"We have not reached an agreement on terms with either party," Tribune spokesman Gary Weitman said.
Utay declined to comment and a spokesman for the Ricketts family was not immediately available to comment. (Reporting by Ben Klayman and Megan Davies; editing by John Wallace)<!--QuoteEnd--><!--QuoteEEnd-->
UPDATE 1-
Utay, Tribune also reach deal for Cubs - sources<!--sizec--><!--/sizec-->
Tue Jul 7, 2009 12:46pm EDT
<!--sizeo:2--><!--/sizeo-->* Deal gives Tribune a second offer to submit to court
* Offer higher than Ricketts bid, but less cash upfront
* Tribune denies agreement with either party<!--sizec--><!--/sizec-->
CHICAGO/NEW YORK, July 7 (Reuters) - Tribune Co (TRBCQ.PK) has agreed to terms for the sale of the Chicago Cubs to a group led by private equity investor Marc Utay, giving the company two offers to submit to the bankruptcy court, two sources familiar with the sale process said on Tuesday.
On Monday, a source said the Ricketts family had agreed to terms for the purchase of the team for slightly less than the $900 million it offered in January.
One of the sources reporting the Utay group's deal said the new offer is "a higher price but less cash upfront" than the Ricketts bid.
"I don't think it's completely over yet," said the source, who asked not to be identified because the sale process is ongoing. "By the same token, Ricketts has a real edge here."
Tribune, which has been trying to sell the team for more than two years to reduce the company's debt burden, said no agreements are in place.
"We have not reached an agreement on terms with either party," Tribune spokesman Gary Weitman said.
Utay declined to comment and a spokesman for the Ricketts family was not immediately available to comment. (Reporting by Ben Klayman and Megan Davies; editing by John Wallace)<!--QuoteEnd--><!--QuoteEEnd-->