Tribune Sale of the Cubs is ‘Very, Very Close’

By Andrew Gauthier 

Over the last 24 hours there have been conflicting reports about just how complete the Tribune Co.’s sale of the Chicago Cubs and Wrigley field is. Reuters reported yesterday evening that the deal was done while sources of the Chicago Sun-Times indicate that the deal is imminent, if not totally complete…
The Tribune Co.’s $900 million sale of the Chicago Cubs and their Wrigley Field baseball stadium to the Ricketts family is “very, very close” to being completed, a source close to the family said Monday.

Draft documents shared by both Tribune Co. and the Ricketts outlining the deal, called term sheets, were sent to Major League Baseball. The paperwork was sent “to try to pre-clear some of the issues the league would have concerns over and clear away some of the brush,” another source said. But, “that doesn’t mean the deal is done.” More…

PaidContent echoes the Sun-Times’ take on the deal…
The official word comes from Tribune rep Gary Weitman, who said that the companys still in an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement. For another thing, the Cubs deal would still have to meet the approval of Major League Baseball and after that, the bankruptcy court would have to okay it. With $12 million in debt, its clear that Tribunes creditors can hardly wait for the deal to close. More…

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