[Guest post by DRJ]
The bankrupt Tribune Co. continues to divest its assets:
“The Rickettses, longtime Cubs fans whose wealth comes from family-owned Ameritrade, signed an agreement Friday to buy a 95 percent stake of the team and its Wrigley Field home from Tribune Co. The $845 million deal also includes Tribune’s approximately 25 percent share of regional cable TV network Comcast SportsNet Chicago.
The deal, which requires approval by a bankruptcy court judge and Major League Baseball, may not help deliver a title to a profitable but hapless franchise that last won the big one in 1908. But the new owners can’t do any worse, championship-wise, than Tribune has during a 28-year stewardship or the Wrigley family during its 60 years at the helm.”
The article notes the $845M sales price is a record for a major league franchise. It also includes several optimistic quotes from Cubs fans, proving once again how endearingly positive we sports fans can be when it comes to our favorite teams.
EDIT: The Ricketts’ family is selling some of its stake in TD Ameritrade back to the company in order to finance the purchase of the Cubs.