- John Coletta
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At Long Last, Cubs Sale a Done Deal
As a follow-up on a previous blog, the Chicago Cubs have been sold to the Ricketts family in an $800 million deal that encompasses the team, Wrigley Field and a 25 percent stake in Comcast SportsNet. The Tribune will keep a five percent stake in the assets; this means the transaction is worth approximately $845 million, according to the Tribune.
The Rickettses, who own T.D. Ameritrade, and the Tribune reached a tentative agreement in January, but the deal stalled recently when Tribune re-opened talks with the runner-up bidding group. The Tribune first put the franchise up for sale in the spring of 2007. Major League Baseball gave the sale their unanimous approval.