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the perpetual disappointment that is a chicago cubs blog

Cubs sale: Ricketts gets the keys next week

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(When I was a kid and Bill Veeck sold the Chicago White Sox to the group headed by Eddie Einhorn and Jerry Reinsdorf they had a presser. Veeck, who was always a showman, handed the keys to Reinsdorf. I’m not sure I can see Sam Zell even sitting at the same table as Tom Ricketts to give him the keys, but it would be a funny sight. )

It’s almost all over! We are actually in the final days of the Tribune Company owning the Chicago Cubs. Crain’s Chicago Business reports:

The Chicago Cubs are expected to have new owners by the end of next week, as the family of TD Ameritrade Holding Corp. founder Joe Ricketts completes its $845-million purchase of the team.

Chicago-based bond salesman Thomas Ricketts, who has led his family’s bid during a 2½-year-long process, will be chairman of an enterprise that also owns Wrigley Field and a 25% stake in Comcast SportsNet Chicago. Tribune Co., which bought the team for about $20 million in 1981, will keep a 5% stake in the business as a way to avoid a hefty capital gains tax.

Earlier this month, approvals from Major League Baseball and a judge overseeing Tribune’s bankruptcy case cleared the way for the transaction. The team is running out the clock on a 10-day period for objectors to register any dissent in Bankruptcy Court. That period will be up early next week; the deal’s close is tentatively scheduled for Tuesday, one insider says, although such dates can easily slip.

Next Crain’s gives the dirt on the revenue the Cubs generated the past two seasons:

The Chicago National League Ball Club LLC, the Cubs’ legal name, generated $241.2 million in revenue last year and $231.5 million through Sept 27 this year, according to Bankruptcy Court documents.

Not much doubt that the Chicago Cubs and Wrigley Field are a huge money maker.

UPDATE: Bruce Levine reports the deal will be done early next week and Ricketts will meet the media Friday. Happy Halloween.

The Chicago Cubs will be owned by the Ricketts family and run by Tom Ricketts by early next week, according to Major League Baseball sources.

The exact date is contingent on when the transition of ownership from Sam Zell and Tribune Co. to the Ricketts family is completed.

The plan is for Ricketts to meet with the media and team advertisers by next Friday. At that time, it’s assumed Ricketts also will unveil his plans for the future.

Written by wpbc

October 23, 2009 at 2:29 pm

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