Tribune Finalizes Deal To Sell Chicago Cubs To The Ricketts Family
August 22nd, 2009 - 6:06 pm ICT by GDBy Meena Kar
After a tug-o-war for two years, Tribune Co. confirmed to sign an selling agreement on Friday giving away 95% of Major League Baseball’s Chicago Cubs to the Ricketts Family for an eye-popping $845 million. The deal was a bit delayed since the buyers had difficulties raising the exorbitant amount in times of economic crunch reportedly.
“Our family is thrilled to have reached an agreement to acquire a controlling interest in the Chicago Cubs, one of the most storied franchise in sports,” said Joe Ricketts who is now 63 years old. Joe is the founder of TD Ameritrade Holding Corp. He said his family was perhaps one of the hard-core fans of the Cubs and was going to lead the Cubs onto World series title.
Ricketts had success at bidding processes quite early when he had opened the negotiating period in January, but had not finalized until that period expired. Therefore Tribune Co. in the meantime imposed secondary negotiations with Utay and Leo Hindery(former president and chief executive of YES Network, now running InterMedia Partners) reopening the deal. Tribune Co. owned by Sam Zell 67, bought Cubs in the year 1981 for $20 million.
Talking about the recent deal Zell said that the “joint venture” will have an advantage of the dedication of the Ricketts family.
The court has approvingly processed the deal to add that “the entity holding most of the assets of the Cubs franchise will voluntarily file for Ch.11 protection so that the franchise can emerge free and clear of Tribune Co’s financial obligations,” said Tribune Co.
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Tags: ameritrade holding corp, bidding processes, chicago cubs, controlling interest, core fans, economic crunch, financial obligations, former president, intermedia partners, joe ricketts, leo hindery, major league baseball, old joe, sam zell, storied franchise, td ameritrade, tribune co, tug o war, utay, yes network
