CHICAGO (TheStreet) --The Tribune Co. has at last made it official: It has inked a deal to sell the Chicago Cubs to Tom Ricketts, scion of the Ameritrade (AMTD) - Get Report fortune, ending a drawn-out and tortuous process that began more than two years ago.
Cubs fans can perhaps rest easier knowing that they have a new owner to criticize for such things as poor trades and overpaid contracts signed with washed-up stars.
Tom Ricketts, new owner of the Chicago Cubs.
The two parties have struggled to come to terms on a sale since Ricketts was first revealed as the finalist in the team's auction back in January. One of the major obstacles to sealing the deal was the bankrupt Tribune Co.'s desire -- and Tribune owner Sam Zell's desire -- to structure the sale so that it could avoid a heavy capital-gains tax.
Under the deal's terms, Ricketts will buy a 95% stake in the Cubs and related assets, including Wrigley Field, for $800 million. The assets also include the Tribune Co.'s 25% portion of the cable channel Comcast SportsNet Chicago, the broadcaster of a large portion of the Cubs' games.
The deal values the franchise at $845 million, according to an article in the
, below the $900 million bid Ricketts initially submitted.
-- Written by Scott Eden in New York
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