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Tribune and Rcketss Family Reach Deal on Cubs

The Tribune Company and the Ricketts family have signed a term sheet on the sale of the Cubs to the Ricketts and forwarded it to the Commissioner's office for approval by the owners. This will end, for now, the Tribune Company's flirtations with other buyers as the deal hit a snag over the last couple of months. The deal is not closed however and requires more than just MLB approval. Details between the parties remain and a definitive agreement has yet to be hammered out. The deal will also require the approval of the bankruptcy court as the Tribune Company is in Chapter 11. Given the tortuous course that negotiations have taken so far, I would not be willing to say that this deal is a sure thing yet. In fact, with this cast of characters, it won't be a sure thing until it closes and the keys to Wrigley are handed over to the Ricketts.

Full post as published by Sports Biz on July 06, 2009 (boomark / email).