Deal made to sell Cubs, Wrigley for $900 million, source says
The Tribune Co. has reached a written agreement to sell the Chicago Cubs, Wrigley Field and other assets to the family of TD Ameritrade founder Joe Ricketts for about $900 million, a person close to the negotiations said yesterday.
The agreement was reached over the weekend and a document outlining the deal - called a term sheet - was sent to Major League Baseball for review, according to the person, who spoke on condition of anonymity because the agreement had not been announced.
The term sheet is not a final agreement, according to the person, who added that it contains details on how the Ricketts family will finance the deal. The deal also would give the Ricketts family a 25 percent interest in a regional cable television sports network. Tribune Co. would not confirm an agreement had been reached.
"We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement," spokesman Gary Weitman said in an e-mail. "We don't intend to comment on the specifics of any potential transaction."
The team has been on the market since 2007, when real estate mogul Sam Zell announced his $8.2 billion purchase of Tribune Co. The financially troubled media giant filed for bankruptcy last December but the Cubs were not included in the filing. Tribune Co. announced in January that the Ricketts family bid had been selected over two others for the team. Cubs fans have greeted the news enthusiastically, in part because Ricketts family members are viewed as loyal Cubs fans.
Noteworthy
* The Giants placed lefthander Randy Johnson on the 15-day disabled list after an MRI revealed a strained shoulder. The 45-year-old Johnson (8-6) hurt the shoulder on a swing Sunday.
In games last night:
* At San Francisco, Pablo Sandoval hit a grand slam in the fifth inning to lead the Giants over the Florida Marlins, 5-4.
* At Chicago, rookie Randy Wells won his fourth straight start, Derrek Lee homered and the Cubs got their sixth win in eight games, beating the Atlanta Braves, 4-2. Wells (4-3) gave up seven hits and two runs in six innings.
* At Houston, Mike Hampton pitched seven solid innings, Miguel Tejada and Geoff Blum drove in two runs apiece and the Astros beat the Pittsburgh Pirates, 4-1.
* At Denver, Jason Marquis pitched eight innings for his major league-leading 11th win and Todd Helton's RBI double in the first provided the only run the Colorado Rockies needed in a 1-0 victory over the Washington Nationals. *
