Re: Sale of Cubs to Ricketts Complete (p. 15)

[chuckywang]

http://news.yahoo.com/s/ap/20091012/ap_on_sp_ot/us_cubs_bankruptcy

 

WILMINGTON, Del. – The Chicago Cubs are seeking Chapter 11 protection, a step that will allow its corporate parent to hand the team to new owners.

 

The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts.

 

What an embarassment.

[CubColtPacer]

http://news.yahoo.com/s/ap/20091012/ap_on_sp_ot/us_cubs_bankruptcy

 

WILMINGTON, Del. – The Chicago Cubs are seeking Chapter 11 protection, a step that will allow its corporate parent to hand the team to new owners.

 

The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts.

 

What an embarassment.

 

What is embarrassing about it?

[C.C.]

It's business.

[Sever82]

http://sports.espn.go.com/chicago/mlb/news/story?id=4556560

 

WILMINGTON, Del. -- The sale of the Chicago Cubs moved closer Tuesday as a bankruptcy court judge said the team can go to the family of billionaire Joe Ricketts in a $845 million deal.

 

The judge had already cleared Tribune Co. to sell the team and Wrigley Field. But he gave his approval again Tuesday because the Cubs filed separately for Chapter 11 protection on Monday.

 

The team cited assets of $1.42 billion and liabilities of $1.26 billion, but the Cubs' finances weren't in question. The bankruptcy filing was made to ensure that the team can't be hit with claims by Tribune creditors, because the ballclub wasn't covered when Tribune filed for Chapter 11 last December.

 

The Ricketts family's deal for the Cubs could close in a couple of weeks, according to Don Liebentritt, Tribune's general counsel. The deal -- which involves a record price for a major league team -- has been approved by the other baseball owners.

 

After taxes and fees, Chicago-based Tribune, which owns newspapers and TV stations, expects to reap about $740 million from unloading most of its stake in the baseball team. Tribune will maintain a 5 percent stake.

 

Ricketts is the founder of Omaha, Neb.-based TD Ameritrade

[Cubfanintheknow]

http://news.yahoo.com/s/ap/20091012/ap_on_sp_ot/us_cubs_bankruptcy

 

WILMINGTON, Del. – The Chicago Cubs are seeking Chapter 11 protection, a step that will allow its corporate parent to hand the team to new owners.

 

The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts.

 

What an embarassment.

 

Not an embarrasment at all. The Tribune Company didn't have to do this, but did so merely to expedite the process. Quite smart, actually. And very beneficial to the Tom Ricketts and the team.

[Soul]

They just need to get this thing done. The bankruptcy is a formality. Nobody seriously thinks it means what a bankruptcy traditionally means.

[jersey cubs fan]

done

[CUBZ99]

Gooney beat me:

 

From Chicagosports.com:

 

The Ricketts family officially took control of the Cubs Tuesday morning, closing the $845 million deal to take 95 percent controlling interest in the team, Wrigley Field and 25 percent of Comcast Sports Net.

 

"My family and I are thrilled that this day has finally come and we thank Commissioner Bud Selig and Major League Baseball owners for approving our ownership," said Tom Ricketts. "Now we will go to work building the championship tradition that all Cubs fans so richly deserve.

 

"It's fitting that this closing takes place during World Series week. Out of respect for the Fall Classic, and at the league's request, we will wait to introduce ourselves to the media and fans until this Friday, a travel day in the series between the Phillies and the Yankees."

 

The Cubs will hold a news conference Friday morning to introduce the Ricketts.

[E.J.]

Again, I'm very interested to see what direction the team will take now that Ricketts is in control.

[Banedon]

Well that was a speedy and completely pain free process.

[CUBZ99]

Well that was a speedy and completely pain free process.

 

:-)) At least it happened before the hot stove league begins for 2010. We should get a good early indication regarding Ricketts philosophy. Hopefully they are set on making a positive first impression.

[davell]

I read somewhere that Kaplan had someone who knew Ricketts on his show and he said that Cub fans will LOVE what he has to say at his first press conference.

[Guest]

I read somewhere that Kaplan had someone who knew Ricketts on his show and he said that Cub fans will LOVE what he has to say at his first press conference.

Which Cub fans?

 

The ones who want Ryno to manage and Stone back in the booth?

 

Or

 

The ones who want the Cubs to consider newer ways of thinking?

[Keener98]

I read somewhere that Kaplan had someone who knew Ricketts on his show and he said that Cub fans will LOVE what he has to say at his first press conference.

Which Cub fans?

 

The ones who want Ryno to manage and Stone back in the booth?

 

Or

 

The ones who want the Cubs to consider newer ways of thinking?

 

Considering it came from Kaplan, Im guessing option number 1. Very rarely do I agree with anything he says

[SouthSideRyan]

I read somewhere that Kaplan had someone who knew Ricketts on his show and he said that Cub fans will LOVE what he has to say at his first press conference.

Which Cub fans?

 

The ones who want Ryno to manage and Stone back in the booth?

 

Or

 

The ones who want the Cubs to consider newer ways of thinking?

 

If it was Kaplan's show it likely appealed to the buffoons.

[davell]

I read somewhere that Kaplan had someone who knew Ricketts on his show and he said that Cub fans will LOVE what he has to say at his first press conference.

Which Cub fans?

 

The ones who want Ryno to manage and Stone back in the booth?

 

Or

 

The ones who want the Cubs to consider newer ways of thinking?

 

Good question. I guess I'm hoping he comes in and is willing to spend some money, but does it in a way like the Red Sox seem to do.

[jersey cubs fan]

I read somewhere that Kaplan had someone who knew Ricketts on his show and he said that Cub fans will LOVE what he has to say at his first press conference.

Which Cub fans?

 

The ones who want Ryno to manage and Stone back in the booth?

 

Or

 

The ones who want the Cubs to consider newer ways of thinking?

 

Good question. I guess I'm hoping he comes in and is willing to spend some money, but does it in a way like the Red Sox seem to do.

 

The trib spent money, they just wasted it by letting bad execs run the show. The willingness to spend money is much less of an issue than the willingness to not be idiots with that money.

[David]

Any idea when said press conference might be?

[Guest]

Any idea when said press conference might be?

Friday during the travel day of the WS.

[David]

Any idea when said press conference might be?

Friday during the travel day of the WS.

 

 

Thanks. My bad for not seeing that posted before. I misjudged when the new posts started on this page...

[17 Seconds]

Kind of funny that by the time this finally got finished, Peavy is on the White Sox and Kevin Towers isn't even a GM anymore.

[erik316wttn]

I really hope that Ricketts emphasizes the Minor League system above everything else. If the Cubs want to be contenders for years and years, replenishing from the farm is a huge priority. I'd be happy without a single major FA signing this offseason if he dedicated it to finding the best and brightest to develop young talent.

[dew1679666265]

I really hope that Ricketts emphasizes the Minor League system above everything else. If the Cubs want to be contenders for years and years, replenishing from the farm is a huge priority. I'd be happy without a single major FA signing this offseason if he dedicated it to finding the best and brightest to develop young talent.

 

You'll love this then.

 

(posted in another thread, but I expect it's cool to repost it here)

 

John (Chicago)

 

How committed is Ricketts to building the farm system?

Bruce Levine

 

According to the people I talk to, Ricketts will tell his baseball people at the Cubs organization meetings next Wednesday that the minor-league system is his No. 1 priority.

[Mark Priors Calves]

Comcast Sportsnet is having full coverage of the Ricketts press conference at 11 am on Friday and they have a show produced about the Ricketts family to air afterwards

[Wheelimus]

Can't wait for the press conference, need SOMETHING to distract me from my job. :-))