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.
â€śWeâ€™re extremely pleased that the sales process is drawing to a close,â€ť said Baseball Commissioner Allan H. (Bud) Selig, â€śand 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.â€ť
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.
OTHER NEWS FROM THE BUSINESS OF SPORTS NETWORK
(THE BIZ OF FOOTBALL)
(THE BIZ OF HOCKEY)
(THE BIZ OF BASKETBALL)
Maury 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 available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.
Don't forget to register and log in on The Biz of Baseball site to get updates via your in-box, and see information only logged in members can see.
Follow Maury Brown on Twitter
Follow The Biz of Baseball on Twitter
Follow the Business of Sports Network on Facebook