July 7, 2009 at 5:48 AM (PT)
"THE TRIBUNE CO. has reached a written agreement to sell the CHICAGO CUBS, WRIGLEY FIELD and other assets to the family of TD AMERITRADE founder JOE RICKETTS for about $900 million," a person close to the negotiations told SI.COM on MONDAY.
"The agreement was reached over the weekend and a document outlining the deal -- called a term sheet -- was sent to Major League Baseball for review, according to the person, who spoke on condition of anonymity because the agreement had not been announced.
"The term sheet is not a final agreement, according to the person, who added that it contains details on how the RICKETTS family will finance the deal. The deal also would give the RICKETTS family a 25% interest in a regional cable television sports network.
"TRIBUNE CO., which owns Talk WGN-A/CHICAGO, would not confirm an agreement had been reached."