THIS IS BREAKING NEWS...
The sale of the Chicago Cubs from the Tribune Co. to the Ricketts family, which also includes Wrigley Field, and a 25 percent stake in Comcast SportsNet Chicago, inched closer to reality as a Delaware bankruptcy court has given its blessing to the proposed sale transaction. The filing by the Cubs, and the court's approval prevents the Cubs transaction becoming part of the Tribune Co.'s separate Chapter 11 bankruptcy protection case.
The deal could be closed in as little as two weeks, according to Don Liebentritt, Tribune's general counsel.
The deal, in total, represents $845 million. However, with Tribune retaining a 5 percent ownership stake for tax avoidance purposes the final amount coming Tribuneās way will be $740 million.
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