Thursday, January 22, 2009

Tribune Set to Name Ricketts Family as Cubs Buyer

Sam Zell and Tribune Co. are set to name the Ricketts family as the prospective buyer of the Chicago Cubs baseball team after a committee overseeing the company's bankruptcy court proceeding gave the proposed deal the green light, according to a person familiar with the matter.

The bid, led by Chicago financier Tom Ricketts, son of J. Joe Ricketts, the founder of TD Ameritrade Holding Corp., is valued at nearly $900 million, according to two people involved in the bidding process.

Mr. Ricketts's main selling point was offering 50% of the purchase price in cash, with the rest financed. The other offers included more debt. [Click for MORE]

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