8/21 Crane Kenney on Cubs sale
Cubs chairman Crane Kenney on the sale of the team to the Ricketts family: “The Cubs are encouraged Tribune and the Ricketts family have reached agreement on the transaction and see this as a very positive step toward the ownership transition.”
The Ricketts family signed a definitive agreement with Tribune Co. to acquire a 95 percent interest in the Cubs, Wrigley Field and Tribune’s approximately 25 percent interest in Comcast SportsNet for $845 million. Tribune will retain a 5 percent ownership interest.
The sale still must go through bankruptcy court and also be approved by Major League Baseball owners, who have a November meeting scheduled for Chicago.
– Carrie Muskat
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