Bankruptcy Judge Gives O.K. to Sale of the Cubs

POSTED BY: Sara Sindelar

By RICHARD SANDOMIR

A federal bankruptcy court judge in Delaware on Thursday approved the Tribune Company’s $845 million sale of the Chicago Cubs to the family of Joe Ricketts, the founder of the TD Ameritrade discount brokerage. One of his sons, Tom, will be the controlling owner.
The sale still must go through a Chapter 11 bankruptcy filing of the Cubs on Oct. 12, to divest the team of debt associated with Tribune, and a three-quarters vote of Major League Baseball owners. The team’s bankruptcy process is expected to be quick and could be approved at a hearing scheduled for Oct. 13.
In signing the approval order, Judge Kevin J. Carey said, “The evidence demonstrates” that Tribune “has a sound business reason” for the transaction. He wrote in the order that the sale “represents the best proposed transaction for the Cubs business,” and that the Ricketts family has “acted reasonably, properly and in good faith.”
Carey will also preside over the Cubs’ bankruptcy.

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