Sale of Cubs now complete

Updated: October 27, 2009, 10:31 AM ET
Associated Press

CHICAGO -- 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."

A news conference was scheduled for Friday at Wrigley Field.


Copyright 2009 by The Associated Press

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