Report: Deal Brokered To Sell Cubs

POSTED: 2:12 pm EDT July 6, 2009

Chicago, IL -- (Sports Network) - The Tribune Company has reportedly reached an agreement to sell the Chicago Cubs and Wrigley Field.

According to the Chicago Tribune, which is owned by the Tribune Company, the Cubs and their famous stadium will be sold to the Ricketts family for approximately $900 million. The report states the two sides struck a deal over the weekend and gave an outline of the transaction to Major League Baseball.

The Ricketts family was reported to be the winning bidder in January for the club and its assets in a process that initially started two years ago. Talks then stalled after the family, which had built its fortune through TD Ameritrade Holding Corp., had difficulties financing its offer because of the economy.

Tribune Company will also be selling a 25 percent interest in Comcast SportsNet Chicago. The company has owned the Cubs and Wrigley Field since 1981 and still plans to keep a five percent stake in both assets.

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