Posted By,
Meredith Anderson
WILMINGTON, Del. - A federal bankruptcy judge cleared the way Thursday for the Tribune Co. to sell the Chicago Cubs and the storied Wrigley Field to the family of billionaire and longtime fan Joe Ricketts.
Judge Kevin J. Carey authorized Tribune to sell the family a 95 percent stake in the team, the stadium and related sports properties for $845 million.
The deal also needs approval from three-quarters of Major League Baseball's 30 team owners. The owners have not scheduled a vote on the Cubs sale, although one could come as soon as their meeting in November.
I never think of sports teams as a business. I would have never guessed they could end up in bankruptcy like any other company.
ReplyDeleteBy: Sara Sindelar