Results tagged “tomricketts”

Like when we sell a Pitchfork ticket on Craigslist, the Tribune Company has lined up a second party to whom they can sell the Cubs (and the additional assets) should the current deal fall through. It's not really a shock; after all, crazier shit has happened in business and it's certainly one way of strong-arming the Ricketts into completing the deal that has dragged on for a bit. According to the Tribune report:

With his bid to buy the Chicago Cubs lagging a bit, Tom Ricketts has apparently appealed to some folks with more star wattage as potential partners to buy the franchise. According to the Tribune, Ricketts has met with such local luminaries as Bill Murray, Jim Belushi, and John Cusack. It's part of Ricketts' attempt to pull in private investors willing to chip in $25 million each to help raise capital to finalize the purchase. While it doesn't seem as if the bid is in jeopardy, indications are that there is some finagling going on with the broadcast aspect of the bid and the Ricketts family may lower it somewhat.

Following a search that has taken almost two years, the Cubs may finally have their new owners. The Tribune Co. selected the bid from the Ricketts family as their favored bid yesterday. It's by no means a done deal, however, as the Ricketts will have to secure financing and pass hurdles with MLB and other team owners. But hopes are to have the deal closed by Opening Day.

Coinciding with the start of 2007 baseball season began, Sam Zell purchased the Tribune Co. and announced that he was putting the Cubs up for sale to help pay down the company's debt. Two full seasons later, the team remains part of his now bankrupt media empire. But this seemingly endless process of determining the winning bidder may be over soon. From an initial pool of at least 10 interested parties, the Cubs have asked three bidders to polish up their bids as the team decides which to accept. The three finalists are: Tom Ricketts, Marc Utay and Hersch Klaff.