Report: Ricketts Family to buy the Cubs...

[salsadancer7]

Source: Ricketts family to buy Cubs, other entities for $900M

CHICAGO (AP) -- The Tribune Co. has reached a written agreement to sell the Chicago Cubs, Wrigley Field and other assets to the family of TD Ameritrade founder Joe Ricketts for about $900 million, a person close to the negotiations said Monday.

The agreement was reached over the weekend and a document outlining the deal -- called a term sheet -- was sent to Major League Baseball for review, according to the person, who spoke on condition of anonymity because the agreement had not been announced.

The term sheet is not a final agreement, according to the person, who added that it contains details on how the Ricketts family will finance the deal. The deal also would give the Ricketts family a 25 percent interest in a regional cable television sports network.

Tribune Co. would not confirm an agreement had been reached.

"We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement," spokesman Gary Weitman said in an e-mail. "We don't intend to comment on the specifics of any potential transaction."

The team has been on the market since 2007, when real estate mogul Sam Zell announced his $8.2 billion purchase of Tribune Co. The financially troubled media giant filed for bankruptcy last December but the Cubs were not included in the filing.

Tribune Co. announced in January that the Ricketts family bid had been selected over two others for the team.

Cubs fans have greeted the news enthusiastically, in part because the Ricketts family in general, and the family point man in the bid in particular, are viewed as loyal Cubs fans.

Source: Ricketts family to buy Cubs, other entities for $900M - MLB - SI.com

 

[HD MM]

Source: Ricketts family to buy Cubs, other entities for $900M

CHICAGO (AP) -- The Tribune Co. has reached a written agreement to sell the Chicago Cubs, Wrigley Field and other assets to the family of TD Ameritrade founder Joe Ricketts for about $900 million, a person close to the negotiations said Monday.

The agreement was reached over the weekend and a document outlining the deal -- called a term sheet -- was sent to Major League Baseball for review, according to the person, who spoke on condition of anonymity because the agreement had not been announced.

The term sheet is not a final agreement, according to the person, who added that it contains details on how the Ricketts family will finance the deal. The deal also would give the Ricketts family a 25 percent interest in a regional cable television sports network.

Tribune Co. would not confirm an agreement had been reached.

"We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement," spokesman Gary Weitman said in an e-mail. "We don't intend to comment on the specifics of any potential transaction."

The team has been on the market since 2007, when real estate mogul Sam Zell announced his $8.2 billion purchase of Tribune Co. The financially troubled media giant filed for bankruptcy last December but the Cubs were not included in the filing.

Tribune Co. announced in January that the Ricketts family bid had been selected over two others for the team.

Cubs fans have greeted the news enthusiastically, in part because the Ricketts family in general, and the family point man in the bid in particular, are viewed as loyal Cubs fans.

Source: Ricketts family to buy Cubs, other entities for $900M - MLB - SI.com

Uh oh. I can see it now, Wrigley Field, renamed: "TD Ameritrade Field".

 

[salsadancer7]

Uh oh. I can see it now, Wrigley Field, renamed: "TD Ameritrade Field".

I think the name does not matter....as long as the Cubbies can have a set of owners that give a sh**.....as opposed to the Tribune Company, who didn't give a crap about the team because they knew that if the sun was out and it was not too cold...Wrigley would be sold out....therefore why put a World Series competing product if we are making our money...??:rant::rant:

 

[HD MM]

I think the name does not matter....as long as the Cubbies can have a set of owners that give a sh**.....as opposed to the Tribune Company, who didn't give a crap about the team because they knew that if the sun was out and it was not too cold...Wrigley would be sold out....therefore why put a World Series competing product if we are making our money...??:rant::rant:

Good point. Building a winning team starts at the top. If the owner is committed, that's half the battle. Call it whatever you want, I think fans would much rather have a winner.

 

[salsadancer7]

Good point. Building a winning team starts at the top. If the owner is committed, that's half the battle. Call it whatever you want, I think fans would much rather have a winner.

The will probably do that combination crap:

Ameritrade Park @ Wrigley Field....

 

[cosmo_kramer]

I think the name does not matter....as long as the Cubbies can have a set of owners that give a sh**.....as opposed to the Tribune Company, who didn't give a crap about the team because they knew that if the sun was out and it was not too cold...Wrigley would be sold out....therefore why put a World Series competing product if we are making our money...??:rant::rant:

They cared; their place in this 2009 MLB payroll list shows they didn't mind spending money. It's just HOW they spent it would be the problem...

[U]Team	Payroll[/U]	
Yankees	$201,449,289 	
Mets	$135,773,988 	 
[B]Cubs	$135,050,000 [/B]	
Red Sox	$122,696,000 	
Tigers	$115,085,145 	
Angels	$113,709,000 
......

 

[salsadancer7]

They cared; their place in this 2009 MLB payroll list shows they didn't mind spending money. It's just HOW they spent it would be the problem...

[U]Team	Payroll[/U]	
Yankees	$201,449,289 	
Mets	$135,773,988 	 
[B]Cubs	$135,050,000 [/B]	
Red Sox	$122,696,000 	
Tigers	$115,085,145 	
Angels	$113,709,000 
......

That is NOW...this ownership never cared about this team...from days BEFORE I lived and covered Chicago sports to just after around the early 2000s.

The number may not lie, but they also do not tell you everything.

 

[Ramy]

This will be interesting to see what they do.

 

[cosmo_kramer]

That is NOW...this ownership never cared about this team...from days BEFORE I lived and covered Chicago sports to just after around the early 2000s.

The number may not lie, but they also do not tell you everything.

If you want to talk about ancient history, that's OK too, but the same could apply to many other ballclubs as well.

From 2006-08 the Cubs were the 5th ranked team in average payroll during that time. So, for the last few years while rumors swirled about a sale of the team, the Trib continued to pour money into the payroll. The money may not have been spent wisely but you can't fault the ownership for that, blame the baseball people....

 

[Will94]

From Tribune's perspective, why would they want to sell the Cubs? The company is in terrible financial shape, and I've got to believe that the Cubs are one part of it that actually makes a profit.

 

[Derwin0]

From Tribune's perspective, why would they want to sell the Cubs? The company is in terrible financial shape, and I've got to believe that the Cubs are one part of it that actually makes a profit.

Might not have a choice in the matter. The money from the sale is needed to pay off some of the debt holders.

 

[salsadancer7]

If you want to talk about ancient history, that's OK too, but the same could apply to many other ballclubs as well.

From 2006-08 the Cubs were the 5th ranked team in average payroll during that time. So, for the last few years while rumors swirled about a sale of the team, the Trib continued to pour money into the payroll. The money may not have been spent wisely but you can't fault the ownership for that, blame the baseball people....

I understand what your are saying....but your talking about the last few years. The Tribune had many chances while I was there to sign top of the line free agents...OR keep some very good players by resigning them, but let them get away.

 

[Paul Wozniak]

$900M? I guess the economy isn't bad for somebody.

 

[salsadancer7]

$900M? I guess the economy isn't bad for somebody.

ONLY bad for us middle to lower income working stiffs buddy....

 

[anders5189]

Might not have a choice in the matter. The money from the sale is needed to pay off some of the debt holders.

That's right. Sam Zell foolishly bought a newspaper when the entire industry is going out of business and buried them in debt to do so.