9/24 Bankruptcy judge approves Cubs sale
A federal bankruptcy judge in Wilmington, Del., has approved the Tribune Co.’s sale of the Cubs.
The judge on Thursday authorized Tribune to enter into transactions to sell the team to the family of billionaire Joe Ricketts, founder of TD Ameritrade. The Ricketts family agreed to buy a 95 percent stake in the team and its Wrigley Field home for $845 million.
The deal also needs approval from Major League Baseball. Team owners are scheduled to meet in Chicago next month.
The Tribune plan calls for a separate bankruptcy filing by Chicago National League Ball Club, an affiliate not involved in the company’s Chapter 11 case. The CNLBC bankruptcy should last only a few days but is needed to ensure that sale is free of all liens and claims, and that contracts can be assumed and assigned.
– Carrie Muskat