Cubs Sale Is Done

[Clapp]

<!--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)

[rok]

The report in Crain's this morning said the ink will be dry on Monday.

[Butcher]

<!--quoteo-->QUOTE <!--quotec-->the Ricketts family is expected to assume control of the franchise sometime after the World Series is completed<!--QuoteEnd--><!--QuoteEEnd-->
It will be tough for them to top the first Cubs World Series trophy in 101 years. I don't envy them.

[Destined]

And then God put on his Cubs hat, and rewrote the rest of history, as Ricketts will take the Cubs to the promise land.

[jeffy]

Finally.

[rok]

I won't be relieved until MLB approves it.

[jstraw]

<!--quoteo(post=59379:date=Aug 21 2009, 04:21 PM:name=Butcher)-->QUOTE (Butcher @ Aug 21 2009, 04:21 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->the Ricketts family is expected to assume control of the franchise sometime after the World Series is completed<!--QuoteEnd--><!--QuoteEEnd-->
It will be tough for them to top the first Cubs World Series trophy in 101 years. I don't envy them.
<!--QuoteEnd--></div><!--QuoteEEnd-->

[img]style_emoticons/<#EMO_DIR#>/laugh.gif[/img]

[Runnys]

Can they sell all the players to the highest bidder now? Hell, there has got to be some Cape Cod league team that would love to have Soriano on their team!

[rok]

<!--quoteo-->QUOTE <!--quotec-->Tribune can speed up Cubs sale
Aug. 24, 2009

(AP) — A judge presiding over Tribune Co.'s bankruptcy case has agreed to expedited procedures regarding the company's sale of the Chicago Cubs baseball team.

Judge Kevin Carey on Monday scheduled an Aug. 31 hearing and shortened notification procedures for motions related to the deal.

In court papers Monday, Tribune attorneys outlined a two-step process that will culminate in the sale of the Cubs to the family of billionaire Joe Ricketts, founder of TD Ameritrade.

The family agreed last week to buy a 95 percent stake of the team and its Wrigley Field home from Tribune for $845 million.

Tribune attorneys indicated that a second bankruptcy petition will have to be filed in order to complete the deal.<!--QuoteEnd--><!--QuoteEEnd-->

[ColoradoCub]

<!--quoteo-->QUOTE <!--quotec-->Report: Kenney to stay with Cubs
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ESPNChicago.com

Chicago Cubs chairman Crane Kenney has an agreement in place with Tom Ricketts to stay in his current capacity as the team is being sold by Tribune Co. to the Ricketts family, according to ESPN 1000.

The agreement is for multiple years, a source close to Kenney told the radio station.

Tribune Co. and the Ricketts family signed a deal last week to transfer a 95 percent ownership stake in the Cubs, as well as Wrigley Field and a stake in Comcast SportsNet Chicago for $845 million. The sale won't be official until it is approved by a bankruptcy judge and 75 percent of the other baseball owners.

A judge has agreed to expedite the proceedings in the bankruptcy case, and a hearing is scheduled for Aug. 31.

Kenney is in his seventh year as the principal executive in charge of Cubs operations.<!--QuoteEnd--><!--QuoteEEnd-->

I hope this doesn't mean that Hendry is going to get any leeway.

[Ace]

<!--quoteo(post=60002:date=Aug 25 2009, 05:01 PM:name=ColoradoCub)-->QUOTE (ColoradoCub @ Aug 25 2009, 05:01 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Report: Kenney to stay with Cubs
Comment Email Print Share
ESPNChicago.com

Chicago Cubs chairman Crane Kenney has an agreement in place with Tom Ricketts to stay in his current capacity as the team is being sold by Tribune Co. to the Ricketts family, according to ESPN 1000.

The agreement is for multiple years, a source close to Kenney told the radio station.

Tribune Co. and the Ricketts family signed a deal last week to transfer a 95 percent ownership stake in the Cubs, as well as Wrigley Field and a stake in Comcast SportsNet Chicago for $845 million. The sale won't be official until it is approved by a bankruptcy judge and 75 percent of the other baseball owners.

A judge has agreed to expedite the proceedings in the bankruptcy case, and a hearing is scheduled for Aug. 31.

Kenney is in his seventh year as the principal executive in charge of Cubs operations.<!--QuoteEnd--><!--QuoteEEnd-->

I hope this doesn't mean that Hendry is going to get some leeway.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I just saw that. I tend to think Kenney has never had much control over personnel decisions, but at the same time, this continues to have a very ... business as usual feel.

[ColoradoCub]

<!--quoteo(post=60004:date=Aug 25 2009, 03:02 PM:name=Ace)-->QUOTE (Ace @ Aug 25 2009, 03:02 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=60002:date=Aug 25 2009, 05:01 PM:name=ColoradoCub)--><div class='quotetop'>QUOTE (ColoradoCub @ Aug 25 2009, 05:01 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Report: Kenney to stay with Cubs
Comment Email Print Share
ESPNChicago.com

Chicago Cubs chairman Crane Kenney has an agreement in place with Tom Ricketts to stay in his current capacity as the team is being sold by Tribune Co. to the Ricketts family, according to ESPN 1000.

The agreement is for multiple years, a source close to Kenney told the radio station.

Tribune Co. and the Ricketts family signed a deal last week to transfer a 95 percent ownership stake in the Cubs, as well as Wrigley Field and a stake in Comcast SportsNet Chicago for $845 million. The sale won't be official until it is approved by a bankruptcy judge and 75 percent of the other baseball owners.

A judge has agreed to expedite the proceedings in the bankruptcy case, and a hearing is scheduled for Aug. 31.

Kenney is in his seventh year as the principal executive in charge of Cubs operations.<!--QuoteEnd--><!--QuoteEEnd-->

I hope this doesn't mean that Hendry is going to get some leeway.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I just saw that. I tend to think Kenney has never had much control over personnel decisions, but at the same time, this continues to have a very ... business as usual feel.
<!--QuoteEnd--></div><!--QuoteEEnd-->

Right, his biggest accomplishment has been increasing revenue streams, which he has done a good job with. It's just a shame that money has been squandered on all the bad contracts that Hendry has dished out.

[rok]

I don't have a problem with Kenney as long as he stays in his cubical and out of the GM's and Manager's offices.

[Clapp]

I like Crane.

[vegascub]

<!--quoteo(post=60017:date=Aug 25 2009, 02:53 PM:name=Clapp)-->QUOTE (Clapp @ Aug 25 2009, 02:53 PM) <{POST_SNAPBACK}><!--quotec-->I like Crane.<!--QuoteEnd--><!--QuoteEEnd-->

Me too. It was awesome.