As we first reported a week ago that it would happen by today, the agreement to sell the Chicago Cubs has been signed between the Tribune Company and the Ricketts family. The deal is for 845 million dollars and will be for a 95% stake in the ballclub, Wrigley Field, and Tribune Company’s 25% stake in Comcast SportsNet Chicago.
The Tribune Company will retain a 5% ownership interest but the Ricketts family will have total control of the operation of the baseball team. The next step will be to place the franchise into Chapter 11 so that the bankruptcy court can approve the transaction. After that step is completed then Major League Baseball’s other owners will need to approve the transaction. Both of these steps are considered a formality and the Ricketts family is expected to assume control of the franchise sometime after the World Series is completed.
As we first reported last week, the Tribune Company and the Ricketts family have signed an agreement to sell a controlling interest in the team and Wrigley Field to the Ricketts family. The deal is pending Major League Baseball approval.
MLB’s next quarterly owners meeting is ironically in Chicago in November but the approval of the sale could be done via teleconference before then so that Tom Ricketts who is leading the family’s ownership group could start to make critical decisions about the franchise’s direction before free agency begins in early November.
Fans are already speculating on just what the new ownership group’s first move will be but sources close to the sale process tell me that Tom Ricketts is not an impulsive person and that he will survey the situation with the ball club before he makes drastic changes to the front office and the team itself.
The sale process has been a difficult one and has dragged on for 28 months since the team was put on the block on Opening Day of the 2007 baseball season but this step is a huge one in the right direction because the club has been without definitive ownership since early 2007 when the Tribune Company was purchased by Sam Zell. From that point on the team has been on the block and speculation about its future has been major news. Now the team will have direction and a fresh approach as they try to win a World Series for the first time since 1908.
As for the radio future of the Cubs here is the latest after the agreement was signed today:
“As part of the sale, WGN Radio will remain as the radio play by play home of the Chicago Cubs, and we look forward to our continued partnership with the club for many years to come,” said Tom Langmyer, Vice President and General manager of WGN Radio.
More to come on this story as it develops. Kap