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It's Official....The Ricketts Take Control

After a 30 month period filled with ups and downs it is finally official. The Ricketts family has taken control of the storied Chicago Cubs franchise, Wrigley Field, and a stake in Comcast SportsNet Chicago.

Here is the press release issued by the Ricketts family through their spokesman Dennis Culloton just minutes ago....

Tuesday, October 27, 2009 (CHICAGO) -- The Ricketts family says it's official; the family has taken a 95 percent controlling interest in the Chicago Cubs, Wrigley Field and 25 percent of Comcast Sportsnet after a financial closing today.

The closing on the deal, valued at $845 million, completes a more than two year effort that started when Tribune Company put the team, stadium and broadcast interest up for bid.  Family members Pete, Tom, Laura and Todd Ricketts will now assume control of the team, forming a board of directors. Tribune Company will retain a five percent interest in the enterprise and also have a seat on the board. 

Tom Ricketts, 44, will serve as board chairman and issued the following statement:

"My family and I are thrilled that this day has finally come and we thank Commissioner Bud Selig and Major League Baseball owners for approving our ownership.  Now we will go to work building the championship tradition that all Cubs fans so richly deserve. 

It's fitting that this closing takes place during World Series week. Out of respect for the Fall Classic, and at the league's request, we will wait to introduce ourselves to the media and fans until this Friday, a travel day in the series between the Phillies and the Yankees."

The news conference will take place at Wrigley Field at 11 a.m. Friday, October 30th.

More to come later in the day when we discuss this on Chicago Tribune Live at 5:30 on Comcast SportsNet and tonight at 7:00 on Sports Central on WGN Radio.

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