Tribune Picks Ricketts Family As Next Cubs Owners
January 23, 2009 at 5:47 AM (PT)
TRIBUNE CO. has chosen a favored bidder for the CHICAGO CUBS, WRIGLEY FIELD, and 15% of COMCAST SPORTSNET CHICAGO, selecting the billionaire RICKETTS family as the next owners of the club for $900 million, a record price for a baseball team, exceeding the $700 million paid for the BOSTON RED SOX in 2002.
The RICKETTS family founded discount stock brokerage now called TD AMERITRADE, with patriarch J. JOE RICKETTS estimated to be worth $1.2 billion according to FORBES. TRIBUNE bought the CUBS and WRIGLEY FIELD from the WRIGLEY family for $20.5 million in 1981. A deal, which remains in negotiation, will need approval by 23 of the 30 MAJOR LEAGUE BASEBALL owners.