7/4 Cubs sale
An agreement between Tribune Co. and the Ricketts family regarding the sale of the Cubs could be completed in the next two weeks, according to a report Friday from David Kaplan, host of “Chicago Tribune Live” on Comcast SportsNet. Kaplan quotes a “good baseball source” as saying the deal is near completion. Major League Baseball owners must still approve the sale, and could do so at their August meeting.
Sports Business Journal reported in mid-May that Ricketts had agreements with JP Morgan Chase, Citigroup, and Bank of America to commit to the financing needed to close his family’s $900 million purchase of the team. That commitment would allow Ricketts to submit his bid to the court that is overseeing the bankruptcy filing of the team’s current owner, the Tribune Co. The court would need 30 to 45 days to process the offer, according to the SBJ, and the deal could be closed by July.
The Cubs have been on the market since April 2007.
— Carrie Muskat