Tribune Co. finalizes deal to sell Cubs, Wrigley
July 6, 2009 10:23 AM | 3 Comments
Tribune Co. has reached a deal to sell the Chicago Cubs and Wrigley Field to the Ricketts family, a source familiar with matter said this morning.
The two sides finalized a sale agreement over the weekend and have forwarded the contract to Major League Baseball, the source said.
The deal must be approved by other baseball owners. With Tribune Co. operating under Chapter 11 bankruptcy, the sale also will need court approval.
The source said the sales price is "close" to the $900 million bid the Ricketts offered earlier this year that won an auction for the baseball team, stadium and a 25 percent stake in Comcast SportsNet Chicago, a regional cable television sports network.