5/29 Cubs sale update
Tribune Co. chairman Sam Zell says the sale of the Cubs to the Ricketts family is not a sure thing. In an interview with Bloomberg Television, Zell said: “We’ve made it very public that the Cubs don’t fit into the long-term picture of the Tribune. So if the Ricketts deal doesn’t get done, I’m sure there will be other ones.”
Zell told Bloomberg the credit market slump has contributed to the delay. “These are very difficult times,” he said. “These are difficult times to arrange financing.”
One of the issues still to be resolved is the value of the TV and radio contracts to broadcast Cubs games. The Ricketts family made a bid of about $900 million in January, and has raised $400 million by selling some of its shares in TD Ameritrade Holding Corp.
– Carrie Muskat