Cubs Sale: COMPLETED

Ding, ding, ding. It is October 27, 2009 and after 2+ years the sale of the Chicago Cubs is complete. Out with the Tribune and in with the Ricketts family. SI.com reports:

The sale of the Chicago Cubs, Wrigley Field and other assets from the Tribune Co. to the Ricketts family is complete.

The Ricketts family said Tuesday that it has taken a 95 percent controlling interest in the baseball franchise, its storied ballpark and 25 percent of Comcast Sportsnet.

The deal is valued at $845 million. Billionaire Joe Ricketts is the founder of Omaha, Neb.-based TD Ameritrade.

After taxes and fees, Chicago-based Tribune, which owns newspapers and TV stations, expects to reap about $740 million from unloading most of its stake in the baseball team. Tribune will maintain a 5 percent stake.

Tom Ricketts, 44, who will serve as board chairman, said the board “will go to work building the championship tradition that all Cubs fans so richly deserve.

So finally the process that seemed to take forever is over. A new era is set to begin on the northside of Chicago. Tom Ricketts will meet with the media on Friday. Who knows what he will say, at this point what he says matters very little. It will be his actions over the next several months and years that he will be judged by.

I think on a day like today it is only fitting to link to the words of Chuck at Ivychat. Chuck has been covering the sale of the Cubs longer than anyone in the Cubs blogosphere. He started talking about the possibility in 2005. Today that possibility is reality. Here’s what Chuck said today:

This day is a huge day for hope, and celebration that the Tribune is gone. It is not a day to beatify the Ricketts. They have done nothing yet to deserve it.

For those that say the Ricketts are going to be great owners, there were many Washington Redskins fans who said the same thing about Dan Snyder. That hasn’t worked out very well.

The Ricketts family may very well end up being terrific. Time will tell. And the trust of the fans must be earned, not gifted as many seem ready to do.

That said, today is a cause for hope because, under Tribune ownership, there was no chance of success. That impediment is now gone.

Celebrate that.

Oh, and someone get word to the proprietor of Bleed Cubbie Blue: You owe up on your steak bet. You lost.

I agree with what Chuck says about the trust of the fans being earned. We have no idea what Ricketts and his family will do or won’t do with this franchise. What we can do today is look back on Tribune ownership, and look ahead to what we HOPE are better days for this franchise. (but be careful hope doesn’t play very well with the Cubs).

Update: from the Bright One:

Ricketts issued the following statement: “My family and I are thrilled that this day has finally come, and we thank Commissioner Bud Selig and Major League Baseball owners for approving our ownership. Now, we will go to work building the championship tradition that all Cubs fans so richly deserve.

“It’s fitting that this closing takes place during World Series week. Out of respect for the fall classic, and at the league’s request, we will wait to introduce ourselves to the media and fans until this Friday, a travel day in the series between the Phillies and the Yankees.”

I’m not sure why it is fitting that the closing takes place during WS week. But who am I?

Update 2: Carrie Muskat on cubs.com explains how the Ricketts family will manage the Cubs:

Family members Pete, Tom, Laura and Todd Ricketts now assume control of the team, forming a board of directors. Tribune Co. will retain a 5 percent interest and also have a seat on the board. Tom Ricketts, 44, will serve as board chairman.

No mention of the family patriarch Joe Ricketts. I find that interesting.