Tribune to sell Cubs, Wrigley to Ricketts family
21st August 2009
Chicago Sun Times – Tribune Co. at last made it official today — it has sold the Chicago Cubs to the Ricketts family.
The company said the deal was for $845 million and allows Tribune to retain a 5 percent ownership stake. Company boss Sam Zell used the retention of a small interest to reduce taxes from the sale.
The sale includes Wrigley Field and Tribune’s 25 percent interest in Comcast SportsNet Chicago.
Closing on the sale still requires consents from Major League Baseball and the federal bankruptcy court.
Tribune is in bankruptcy and negotiating with lenders over a $13 billion debt load. How the proceeds of the Cubs sale will be handled will be decided at future hearings.