Tribune Co. Sells Chicago Cubs, Wrigley Field to Ricketts Family

Tribune Co. said Friday that it signed an agreement to sell the Chicago Cubs franchise to the Ricketts family.

The family is paying close to $800 million to acquire a 95 percent interest in a package of assets, which includes the team, Wrigley Field and Tribune Co.'s 25 percent stake in Comcast SportsNet Chicago, which broadcasts many Cubs games on cable television.

The agreement values the franchise and related assets at $845 million, less than the Rickett's winning bid in January of $900 million. Tribune Co. will retain a 5 percent ownership stake in the joint venture.

The family is led by Joe Ricketts, the billionaire who founded the online brokerage TD Ameritrade Holding Corp. (NASDAQ: AMTD). Although Ricketts lives in Omaha, three of his four children reside in Chicago, including son Tom, who is a die-hard Cubs fan.

This is the second time the team has been sold to a wealthy family. The Wrigley family, founders of the chewing-gum company, owned the team for 65 years. The Wrigleys sold the team to Tribune Co., which owns the Chicago Tribune and the Los Angeles Times, for about $20 million in 1981.

Tribune Co. has been in Chapter 11 bankruptcy since December, and a major disposition of assets requires the court's blessing. Since real estate magnate Sam Zell bought the Tribune Co. in 2007, he has been avidly trying to sell pieces of the media company to cut costs.

The $845 million price tag is one of the highest prices ever for a professional sports franchise in the United States.

The MLB owners still have to approve the sale before it is official.

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