So the agreed upon sale between Ricketts and the Tribune is almost finalized. After it clears the bankruptcy judge it goes before the 30 owners. 75% of the owners must approve the sale. Do you think the sale will be approved? It seems I had heard it is not a guarantee that it will go through the ownership vote due the amount of leverage in the deal.
http://www.chicagotribune.com/business/ ... 7196.story
The sale of the Cubs to the Ricketts family is "imminent," sources said Thursday.

More than a month after Tribune Co. agreed to broad financial terms of a deal to sell the Chicago Cubs to the Rickettses, the two sides are close to completing all the legal documents associated with the large and complicated transaction.

Sources close to the matter described the execution of a definitive agreement as "imminent," saying the expected a signing could come within days.

The completion of a definitive agreement would mean Tribune Co. would not be able to solicit any other bids for the team, sources said.

Tribune Co., unhappy with the pace of final negotiations with the Rickettses after selecting the family in January as the winning bidder of a protracted auction, opened discussions with another potential buyer several weeks ago. The prospective buyer wasn't new to the process. It was a group led by New York investor and former Chicagoan Marc Utay, which was one of three finalists in the auction for the team.

Tribune Co. spokesman Gary Weitman declined to comment. Dennis Culloton, a spokesman for Tom Ricketts, who has led his family's bid for the Cubs, did not immediately return a call for comment. Tom Ricketts, a Chicago investment banker, is the son of Joe Ricketts, who helped create the Omaha-based online brokerage TD Ameritrade Holding Corp.

The Rickettses have agreed to pay about $900 million for the team, Wrigley Field and a 25 percent stake in Comcast SportsNet Chicago, which broadcasts many Cubs games.

One of the main transactional documents lawyers on both sides have been working on is creating the limited liability company that would include Tribune Co. and the family. The company, which owns the Chicago Tribune, has desired such an ownership structure to shelter several hundred million dollars in capital gains that would be generated by selling assets the company has held through decades of growth. Tribune Co. bought the team and the stadium for about $20 million in 1981 from the Wrigley family.

Under the sale structure to the Ricketts family, Tribune Co. would retain about a 5 percent stake in the Cubs assets.

Once the definitive agreement is reached, Tribune Co. plans to show the deal to its creditors. The company filed for Chapter 11 bankruptcy protection in December and any major asset sale has to be approved by a bankruptcy judge.

The Cubs were not included in Tribune Co.'s bankruptcy filing but the company has considered placing the team in bankruptcy to expedite court approval of the sale.

When the sale makes it way through court, the transaction would be put to a vote by Major League Baseball owners. Seventy-five percent of the league's 30 owners have to approve a transfer of ownership.

If this deal had not dragged out so long, I could see it not being approved, but at this point I see it being approved.

Matters what Reinsdorf wants and I am not joking. If he says this deal is too highly leveraged (true or not) he can easily garner enough backing to squash it.

Assuming the Ricketts do get the deal, I see a major change in them selling out or selling majority interest in 5 years.

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

Once again I will not believe any of these Cubs sales imminent stories until the sale is finalized.

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Can we change the title of the thread to Cubs COLLAPSE Imminent?

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Charlie: Oh shit. Look at that door dude. See that door right there? That door marked 'Pirate'? You think a pirate lives in there?
Dennis: I see a door marked 'Private.'

At some point, a sale will be finalized. It will get through bankruptcy. I think it would be very Cub Like if the owners then shoot down the sale causing the entire process to take at least a 6 - 12 month step backwards. It seems this is just the way things go for the Cubs.

i wonder what kind of payroll numbers he's promised the bankers.

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Reality is your friend, not your enemy. -- Seacrest

IT IS OFFICIAL...

http://www.chicagotribune.com/business/ ... 3874.story

Wow there is some Tribune spin going on in this story.





Notice how the only reason the Cubs have a following is because of the property the Trib still controls....WGN.

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Better parts of article

...Tribune Co. said Friday that it signed an agreement to sell the iconic franchise to the Ricketts family. The family is paying about $800 million to acquire a 95 percent interest in a package of assets: the team, Wrigley Field and Tribune Co.'s 25 percent stake in Comcast SportsNet Chicago, which broadcasts many Cubs games on cable television...

...WGN radio and television stations will retain long-term broadcast rights to the team under the deal, according to sources familiar with the transaction.

"As part of the sale, WGN Radio will remain as the radio play-by-play home of the Chicago Cubs, and we look forward to our continued partnership with the club for many years to come," said Tom Langmyer, vice president and general manager of WGN Radio.

The media rights became a source of contention in negotiations. Outside of stadium revenues, media rights are a significant source of revenue for baseball owners. Without spending hundreds of millions of dollars to make major improvements to Wrigley Field and the surrounding area, the family will be hard-pressed to generate more revenues from the stadium.

Both sides ended up compromising on media rights, which lowered the purchase price. The family's winning bid in January had valued the team and related assets at close to $900 million.

Aside from media rights, the souring economy also hurt the franchise's value since January. While the club still sells out most games, revenues from sponsors, advertisers and suites have been affected by the recession.

Still the $845 million represents one of the highest prices ever paid for a sports franchise.

The family will not gain control of the team until after the baseball season ends, probably sometime in October, because there are still a few conditions of closing. Tribune Co. has been in Chapter 11 bankruptcy since December, and a major disposition of assets requires the court's blessing.

As part of the court's approval process, Tribune Co. said it will place the Cubs in Chapter 11 bankruptcy so that the franchise can "emerge free and clear" of the company's financial obligations.

The company said that the Cubs bankruptcy will not interrupt team operations, and player contracts and other agreements with ticket holders, sponsors and supplies are not expected to be affected.

Court approval is expected because Tribune Co. has run a robust sales process that has kept creditors informed throughout, sources said.

Major League Baseball owners also have to approve the deal....

Well, good - Hendry can start clearing out his desk now...

I guess Reinsdorf figured 7 games back,what could it matter now? He told Bud: "Get 'er done".
Over 2 years for this? C'mon, something ain't kosher!

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favrefan said:"Chris Coghlan isn't gonna pay your rent, Jimmy."

Excellent, McCracken.

Jeebuz H. Henry, after 30 years of perpetual insistence that the Cubs shit smells like roses, the ink isn't even dry on the contract and here come the cheap shots! Hey Trib, try being a bit more transparent!

You know, I'm sure hypocrisy has been with us all the way back to the cavemen, but Holy Cripes, the way some people can be so oblivious to how low they comport themselves is hilarious. Not as though the Tribune has any credibility, anyway.

Hey Sam Zell, how's that deal going for you? Circulation keeping up?

Hey, here's the words of a real genius: "I know, I'll spend billions on a company in a dying industry, right into the teeth of the worst recession and credit crunch the world has seen in many decades. And my head will be up my ass for two and a half years while I try to sell its only worthwhile asset".

I guess Kaplan was right.

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

bigfan why don't you just buy the cubs?

Excuse me, but this section is for Cubs fans and Frank Coztansa only.

i'm not a cubs fan?

There's evidence that shows so, Mr. Cusack... err... Zack...

you didn't see the gun held to my head in those pictures. that's how they roll down there.

This still has to be blessed by MLB owners. Even with Bud's blessing will it happen? Big time financing on this deal. BF feels Reinsdorf is an important vote in Cubs sale. Does Reinsdorf go thumbs up or down?

What is this rumor about PSLs floating around the neighborhood?

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WOO LIFE!!!!

cub hater.

Maybe that's what's really up with Frank and his posts in the Cubs section.