Ricketts Inks Deal to Purchase Cubs

According to multiple reports, the Chicago Cubs were officially sold to the Ricketts Family on Friday. However, the team will not be under their control until at least November 1.

This is a great day in the storied history of the Chicago Cubs.

From ESPN Chicago.com:

“Our family is thrilled to have reached an agreement to acquire a controlling interest in the Chicago Cubs, one of the most storied franchises in sports,” Joe Ricketts, founder of the online brokerage company TD Ameritrade Holding Corp., said in a statement. “The Cubs have the greatest fans in the world, and we count our family among them. We look forward to closing the transaction so that we can begin leading the Cubs to a World Series title.”

The Ricketts family will acquire a 95 percent interest in a package including the team, Wrigley Field and a 25 percent stake in Comcast SportsNet Chicago, according to the story, which said the deal is for approximately $845 million.

Tribune Co. will maintain a five percent interest in the joint venture, according to the Tribune.

The deal still has to be approved by a bankruptcy court, and 75 percent of Major League Baseball owners have to approve the transaction.

Stay Tuned …

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