THIS IS BREAKING NEWS....
Major League Baseball today unanimously approved the transfer of the Chicago Cubs to an entity controlled by Thomas S. Ricketts, it was announced today following a conference call vote of the clubs. The closing of the deal is anticipated to occur by the end of this month at which time Mr. Ricketts will assume day-to-day control of the club.
“We’re extremely pleased that the sales process is drawing to a close,” said Baseball Commissioner Allan H. (Bud) Selig, “and we are confident that the Rickets family will be great owners and custodians of the Chicago Cubs. All of us at Major League Baseball are grateful to the Tribune Company for their years of stewardship of this proud and historic franchise.”
The $845 million sale includes the Cubs, Wrigley Field and a 25 percent stake in Comcast SportsNet Chicago. The Tribune Co. will retain a 5 percent ownership stake in the club to avoid millions in captal gains taxs.
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