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MONDAY, NOVEMBER 23, 2009
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Family Buying Cubs for $900M

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(Newser) – It looks like the Cubs are returning to family ownership, the Chicago Tribune reports. The billionaire Ricketts family is the winning bidder to buy the baseball team from Sam Zell's Tribune Co. The $900 million deal isn't sealed yet—other baseball owners must approve, for one thing—but it's expected to be complete before spring training in April. The Wrigley family owned the team for 65 years before selling to Tribune in 1981.

The family's bid was led by Chicago financier Tom Ricketts, and he's the son of J. Joe Ricketts, who founded TD Ameritrade Holding Corp. The family also gets Wrigley Field and a 25% stake in a regional cable company, the Tribune notes. The Cubs haven't won the World Series since 1908, but Forbes pegs the team's worth at about $640 million, the fifth-highest in baseball.

In this Oct. 1, 2008, file photo, the Chicago Cubs and the Los Angeles Dodgers line up before the first inning at Wrigley Field.
In this Oct. 1, 2008, file photo, the Chicago Cubs and the Los Angeles Dodgers line up before the first inning at Wrigley Field.   (AP Photo/Charles Rex Arbogast)
In this July 25, 2008 file photo, Chicago Cubs fans gather outside Wrigley Field, Chicago.
In this July 25, 2008 file photo, Chicago Cubs fans gather outside Wrigley Field, Chicago.   (AP Photo)
Chicago Cubs manager Lou Plniella talks with reporters during the Cubs' annual fan convention in Chicago, Friday, Jan. 16, 2009.
Chicago Cubs manager Lou Plniella talks with reporters during the Cubs' annual fan convention in Chicago, Friday, Jan. 16, 2009.   (AP Photo/Charles Rex Arbogast)
Chicago Cubs manager Lou Piniella watches the sixth inning of Game 3 of baseball's National League division series against Dodgers on Oct. 4, 2008.
Chicago Cubs manager Lou Piniella watches the sixth inning of Game 3 of baseball's National League division series against Dodgers on Oct. 4, 2008.   (AP Photo/Kevork Djansezian)
Chicago Cubs' Carlos Zambrano celebrates with teammates after the Cubs clinched the NL Central title on Sept. 20, 2008 in Chicago.
Chicago Cubs' Carlos Zambrano celebrates with teammates after the Cubs clinched the NL Central title on Sept. 20, 2008 in Chicago.   (AP Photo/Paul Beaty)
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4 comments
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SPH
Jan 22, 09 8:22 PM CST
The Cubs aren't worth it. Reply
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IN RESPONSE:
grissell
Jan 23, 09 3:28 AM CST
Agreed.
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lrm
Jan 22, 09 11:24 PM CST
Ugh! You haven't been to Wrigley Field. It's all about the experience. Reply
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MrBisme
Mar 12, 09 7:05 PM CDT
It's all about being out in the sun, watching the Cubs play a great game and drinking a $6.50 Old Style. Go Cubbies! Reply
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