Kap's Corner

**Breaking News** The Ricketts Receive Unanimous Approval From MLB

Chicago investment banker and new Cubs owner Tom Ricketts

Chicago investment banker and new Cubs owner Tom Ricketts


The Ricketts family was approved this afternoon in a unanimous vote by the 29 other owners of Major League Baseball franchises. The vote took place via a conference call with Commissioner Bud Selig and went as expected.

The next step will be for the franchise to go through a pre-packaged bankruptcy which will take place next Monday or Tuesday for a period of 24 hours. When that step is finalized the banks who are financing the deal will have a 10 day cooling off period before they have to fund the transaction.

So look for the sale to close on or around the 29th or 30th of October.

UPDATE 4:44 p.m. The Ricketts Family has issued a brief statement through their spokesman Dennis Culloton, after leaning from Major League Baseball that they were approved unanimously as the new owners of the Chicago Cubs.

"The Ricketts family is honored to have received the approval of major league baseball owners today. This is a major step forward, but the transaction is not yet complete." Commissioner Bud Selig also issued his thoughts on the deal after the unanimous vote that took place via conference call: "We're extremely pleased that the sales process is drawing to a close," said Selig "and we are confident that the Ricketts family will be great owners and custodians of the Chicago Cubs. All of us at Major League Baseball are grateful to the Tribune Company for their years of stewardship of this proud and historic franchise."

Tune into Chicago Tribune Live at 5:30 on Comcast SportsNet and Sports Central at 7 p.m. on WGN Radio for more on the sale and the completion timetable of the transaction.

Kap

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1 Comment

TracyT said:

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Ricketts & Family:

Aggressive owner like Moreno in Anaheim?

or Cautious and Prudent like DeWitt down in St. Louis?

If he/they are aggressive, they will make their mark immediately and start making significant moves this off-season. There is absolutely no reason "to sit back and evaluate the situation" ...ahem..Mr. Stone...

Problem is, I don't think anybody knows just how good an owner they will be. I don't have a definite reason to be excited over the transfer, other than to say goodbye to Tribune's reign.

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