The Ricketts Receive Unanimous Approval From MLB

David Kaplan on 10.06.09

The Ricketts family was approved this afternoon in a unanimous vote by the 29 other owners of Major League Baseball franchises. The vote took place via a conference call with Commissioner Bud Selig and went as expected.

The next step will be for the franchise to go through a pre-packaged bankruptcy which will take place next Monday or Tuesday for a period of 24 hours. When that step is finalized the banks who are financing the deal will have a 10 day cooling off period before they have to fund the transaction.

So look for the sale to close on or around the 29th or 30th of October. More to come.

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