Tribune Co. has finalized a deal to sell the Chicago Cubs to a bidding group led by bond salesman Thomas Ricketts. The value of the deal is said to be between $850 million and $900 million.
Documents describing the fully financed deal were sent to Major League Baseball last weekend, according to insiders.
Tribune reportedly had reopened talks with rival bidders after
the Ricketts deal stalled on a disagreement over how much the team's broadcast contracts were worth. The agreement reached over the weekend still needs approval from 75% of MLB team owners, as well
as creditors and the Delaware judge overseeing Tribune's Chapter 11 bankruptcy case.
About $450 million of the deal will be financed with debt. The balance will be paid in cash by
the family, which founded the company now known as TD Ameritrade.
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