08-21-2009, 05:00 PM
<!--quoteo-->QUOTE <!--quotec-->As we first reported a week ago that it would happen by today, the agreement to sell the Chicago Cubs has been signed between the Tribune Company and the Ricketts family. The deal is for 845 million dollars and will be for a 95% stake in the ballclub, Wrigley Field, and Tribune Company's 25% stake in Comcast SportsNet Chicago.
The Tribune Company will retain a 5% ownership interest but the Ricketts family will have total control of the operation of the baseball team. The next step will be to place the franchise into Chapter 11 so that the bankruptcy court can approve the transaction. After that step is completed then Major League Baseball's other owners will need to approve the transaction. Both of these steps are considered a formality and the Ricketts family is expected to assume control of the franchise sometime after the World Series is completed.<!--QuoteEnd--><!--QuoteEEnd-->
Link(Kap's Blog)
The Tribune Company will retain a 5% ownership interest but the Ricketts family will have total control of the operation of the baseball team. The next step will be to place the franchise into Chapter 11 so that the bankruptcy court can approve the transaction. After that step is completed then Major League Baseball's other owners will need to approve the transaction. Both of these steps are considered a formality and the Ricketts family is expected to assume control of the franchise sometime after the World Series is completed.<!--QuoteEnd--><!--QuoteEEnd-->
Link(Kap's Blog)
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