Cubs sold for nearly 900 million dollars: reportThe Chicago Cubs, whose century of Major League Baseball "MLB" and "Major Leagues" redirect here. For other uses, see MLB (disambiguation) and Major Leagues (disambiguation).
Major League Baseball (MLB) is the highest level of play in North American professional baseball. championship futility is the longest title drought in American sports history, have been sold for nearly 900 million dollars, the Chicago Tribune Chicago Tribune
Daily newspaper published in Chicago. The Tribune is one of the leading U.S. newspapers and long has been the dominant voice of the Midwest. Founded in 1847, it was bought in 1855 by six partners, including Joseph Medill (1823–99), who made the paper reported on Monday.
The unnamed source which told the newspaper about the deal with financial tycoon Tom Ricketts figure to be trustworthy since Tribune Company The Tribune Company (NYSE: TRB) is a large American multimedia corporation based in Chicago, Illinois. It is the nation's second-largest newspaper publisher, responsible for the Chicago Tribune, Los Angeles Times, Newsday, Hartford Courant , which filed for Chapter 11 bankruptcy last December, owns both the newspaper and the Cubs.
The report said a sale agreement was completed over the weekend and the contract has been forwarded to Major League Baseball, whose other club owners must approve the move. Bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approval will also be required.
Terms of the deal include the Cubs, who at 40-39 are third in the National League Central division, and legendary Wrigley Field, the 50,000-seat ballpark built in 1914 that is typically sold out even when the Cubs are woeful woe·ful also wo·ful
1. Affected by or full of woe; mournful.
2. Causing or involving woe.
3. Deplorably bad or wretched: .
Also in the deal was a 25 percent stake in Comcast SportsNet Chicago, a regional sports television cable network.
The price tag was said to be "close" to the 900 million-dollar bid made by the Ricketts family earlier this year to win an auction for the team.
The Tribune has been trying to sell the prized assets even as its newsroom has been trimmed to about 430 people by staff cuts in a money-saving measure.
A 13 billion-dollar debt load drove the newspaper into bankruptcy reorganization six months ago. Tribune Company also owns several other newspapers, including the Los Angeles Times Los Angeles Times
Morning daily newspaper. Established in 1881, it was purchased and incorporated in 1884 by Harrison Gray Otis (1837–1917) under The Times-Mirror Co. (the hyphen was later dropped from the name). .
The Cubs and Wrigley Field were not included in the Chapter 11 filing.