Tribune Co. finds buyer for Cubs

After two years of searching and negotiations, Tribune Company has finally settled on a buyer for the Chicago Cubs and Wrigley Field.
The Ricketts family, founders of what is now TD Ameritrade Holding Corp., outbid other potential buyers of the team and the field by offering $900 million for them.

Tribune Co. put the Cubs up for sale in April 2007, upon announcing that it would go private in a debt-laden $8.2 billion transaction led by Chicago real estate financier Sam Zell. The deal is needed to pay down debt.
The Cubs and Wrigley Field were not included in the bankruptcy filing, giving Tribune Co. some breathing room to complete the auction. But it’s likely the bankruptcy judge will have to approve the sale of the Cubs because the proceeds will go to creditors.

While the buyer has been settled upon, negotiations are still preliminary and several hurdles still need to be cleared before the deal is done.

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