Tribune Sells Cubs for $800M

Family will pay $800M for 95% stake in team, Wrigley field
By Nick McMaster,  Newser Staff
Posted Aug 21, 2009 4:45 PM CDT
FILE - In this Oct. 1, 2008, file photo, the Chicago Cubs and the Los Angeles Dodgers line up at Wrigley Field before Game 1 of baseball's National League division series in Chicago.   (AP Photo/Charles Rex Arbogast, File)
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(Newser) – It’s official: Tribune Co. has signed an agreement to sell a majority stake in the Chicago Cubs to the Ricketts family, the Chicago Tribune reports. Picked as the winning bidder for the franchise in January, family negotiated a deal to pay $800 million for a 95% stake in the Cubs, Wrigley Field, and the Tribune's stake in Comcast SportsNet Chicago. The Tribune is retaining a 5% stake in those assets.