Bankruptcy Judge Approves Tribune's Sale Of Cubs
September 25, 2009 at 4:57 AM (PT)
A federal bankruptcy judge has approved the sale by TRIBUNE CO. of the CHICAGO CUBS and WRIGLEY FIELD to the family of billionaire and longtime fan JOE RICKETTS. RICKETTS is founder of online brokerage TD AMERITRADE HOLDING CORP. Judge KEVIN J. CAREY authorized TRIBUNE to sell the family a 95% stake in the team, the stadium and related sports properties for $845 million.
The deal still needs approval from three-quarters of MAJOR LEAGUE BASEBALL’s 30 team owners.
CHICAGO-based TRIBUNE owns the CHICAGO TRIBUNE, LOS ANGELES TIMES, other newspapers and TV properties and News-Talk WGN-A/CHICAGO, bought the CUBS in 1981 from candy maker WM. WRIGLEY JR. CO. for $20.5 million.