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Ricketts Family Wins Cubs Bid

E.J.

By E.J.,
in Chicago Cubs Talk

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Cubswin11 All-Star

Cubswin11

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Posted
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So it's Wednesday now and nothing will be announced tonight most likely, so if it was truly going to be announced by "midweek" we should probably hear something tomorrow :beg: :beg: :beg: , I just want it to be over
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Illini Iceman First Round Pick

Illini Iceman

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Tribune Co. executives have chosen a favorite among three bids for the Chicago Cubs and have given that recommendation to the unsecured creditors committee in the company's bankruptcy case, a source close to the situation said Wednesday.

 

But this could drag on for a while....

 

Sources among the bidders, who have been patiently waiting for a decision for many months, grumbled this week that every passing day makes it more difficult to lock down financing for a Cubs deal that has been complicated by the Chapter 11 filing.

 

http://www.chicagotribune.com/business/chi-thu-cubsjan22,0,3997737.story

David GOAT

David

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According to the Score updates, they're phrasing it as though the owner has been chosen and they're just waiting on someone to announce/say something.
cubswin2009 ACL Cubs

cubswin2009

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http://www.suntimes.com/business/1392810,thomas-ricketts-cubs-top-bidder-012209.article

Tribune Co. has selected a favored bidder for the Chicago Cubs and has forwarded the offer to the media company’s creditors, sources said today.

 

One person familiar with the process said the endorsed bid was from Thomas Ricketts, president of corporate bond dealer Incapital LLC. He is the son of Joseph Ricketts, founder of the TD Ameritrade brokerage.

 

A Ricketts spokesman said neither he nor his client knows which offer was sent to Tribune creditors. His bid is one of three proposals for the Cubs that Tribune evaluated at length after weeding out several others.

 

Ricketts is believed to have offered around $900 million. The Cubs, without a World Series crown in 100 years, still are among the most valuable franchises in Major League Baseball because of their strong attendance and national TV following.

 

Other bidders for the team are Chicago real estate investor Hersh Klaff and a New York tandem of private investors Marc Utay and Leo Hindery Jr.

Edited by cubswin2009
JGalt73 First Round Pick

JGalt73

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If hes as hardcore of a CUbs fan as they say, than he should have no problem sheeling out for Peavy.

 

Other than the fact that his wallet is $900,000,000 lighter.

UK1679666180 Knoxville Smokies

UK1679666180

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I'm rooting for Utay, but I don't think either choice would be much different from the cuurent ownership.

 

Everything I've read about Utay is that he is a big fan of the Red Sox method of operation.

Brett College Ball

Brett

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I hope this is good news if true. Isn't Ricketts the potential owner that wants Hendry to get Peavy?

 

He's the one that people speculate is most likely to be willing to take on Peavy.

inari Knoxville Smokies

inari

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http://www.chicagobreakingnews.com/2009/01/ricketts-family-is-high-bidder-for-cubs-900m.html

 

After nearly two years of intrigue, the billionaire Ricketts family has emerged as the winning bidder to purchase the Chicago Cubs from Tribune Co. for about $900 million, sources close to the situation said this evening.

 

The family will now complete negotiations with Tribune Co.

 

The family edged out Chicago real-estate investor Hersch Klaff and New York private-equity investor Marc Utay, a Chicago native, for the chance to follow Tribune Co., the Chicago-based media conglomerate, as owners of the storied yet hard-luck franchise.

 

The Ricketts family effort, led by Tom Ricketts, who lives in the Chicago area, still has a number of hurdles to cross before taking ownership of the Cubs, including receiving approval from 23 of the league's 30 owners.

 

Cubs officials have said they hope to have sale completed by the start of the new season in April.

 

The deal would represent a return to family ownership for the Cubs. Before Tribune took control of the team in 1981, the Wrigley family, founders of the chewing-gum company, owned the Cubs for 65 years. The clan sold the team and Wrigley Field to the media company, which owns the Chicago Tribune, for $20.5 million.

 

In Chicago, the Ricketts family is hardly as well known as the Wrigleys, or any of the current owners of the city's major professional sports franchises, but certainly that would change quickly for the new custodians of one of the country's best-known teams, as well as one of its most storied stadiums. Along with the Cubs, the Ricketts are buying Wrigley Field, and a 25 percent stake in a regional cable sports network.

 

The family patriarch, J. Joe Ricketts, grew up in Omaha and started a discount stock brokerage. In the 1990s he transformed the company into an Internet trading powerhouse now known as TD Ameritrade Holding Corp. He is ranked among the world's billionaires, according to Forbes magazine, with an estimated net worth of $1.2 billion. Shares of the company are also owned by his wife and four children.

 

The family's pursuit of the Cubs was led by Tom Ricketts, 43, the second-oldest child. An investment banker, he resides in Wilmette with his wife and five children. Two of his siblings also live in the Chicago area.

 

The Ricketts family would control one of baseball's most popular franchises, despite the team not having won the World Series since 1908. The team draws more than 3 million fans to an aging ballpark that is beloved for its charm but lacks modern stadium amenities. Forbes estimated the team's value at $642 million last year, fifth highest in baseball.

 

Tribune Co.'s 28-year stewardship of the Cubs was marked by mediocrity on the field but success outside the lines. The company added lights and night games to Wrigley Field, expanded its seating capacity and increased stadium sponsorship without destroying its allure.

 

Tribune Co. put the Cubs up for sale in April 2007, upon announcing that it would go private in a debt-laden $8.2 billion transaction led by Chicago real-estate mogul Sam Zell. Selling the Cubs is needed to pay down debt.

CUBZ99 ACL Cubs

CUBZ99

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Posted
Posted
Bruce, if your lurking, what do you think this means for the team's payroll this year? Will Ricketts instruct Hendry to pursue Peavy or even give Hendry more payroll to pick up other players?

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