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Home MLB News MLB Club Sales Sale of the Cubs Should Be Completed by End of May

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Sale of the Cubs Should Be Completed by End of May PDF Print E-mail
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MLB Club Sales
Written by Maury Brown   
Thursday, 16 April 2009 08:18
Sale of the Cubs

The sale of the Chicago Cubs to Thomas Ricketts should be completed by the end of May. The sale agreement worth $900 million is progressing toward that date, according to Sam Zell of the Tribune Co. As reported by Bloomberg News:

“Everything is fine,” the 67-year-old Zell said Weds. in an interview. “We expect to close toward the end of May.”

Sal Galatioto, founder of Galatioto Sports Partners, which represents the Ricketts family, declined to comment. Tom Ricketts is the chairman of Chicago-based Incapital LLC and the son of the founder of TD Ameritrade Holding Corp.

While the sale agreement between Ricketts and Tribune signals a nearing of the end of the Cubs sale started in April of 2007, the deal has to be approved by the owners. The next face-to-face meeting is set for May 20-21 in New York. Should Zell and Ricketts not complete the sale agreement before then, the owners will most likely vote on the deal via conference call. Seventy-five percent of the owners must approve the ownership transfer. It is believed that the deal will easily be approved.

Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

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