Family Buying Cubs for $900M

But team a long way from sold

(NEWSER) - The bidding for the Cubs is nearly over. The Tribune Co. could select a winner from the three finalists within a week to 10 days, the Chicago Tribune reports, but that doesn’t necessarily mean the team is about to be sold. Tribune would still need to negotiate with the winner and could still pull the team off the market. More»

(NEWSER) - Chicago Cubs brass expects the team to be sold by spring training, the Tribune reports. The chairman of the team, which is in the midst of a century-long title drought, says it is reviewing bids and could have a deal in place by February. Crane Kenney also shot down rumors that Sam Zell's Tribune Company would hold onto to a big part of the team. “Any interest would be a small interest,” he said. More»

Company now wants to sell franchise in parts, conflict with MLB possible

(NEWSER) - The Cubs' owners stoked fears of a long ordeal today by announcing their plan to sell the franchise in parts. Such a sale would limit Bud Selig’s influence over the deal and might garner the Tribune Co. more cash, the Los Angeles Times reports. But selling the field, network and land separately may take more time than the Trib can afford. More»

Family will pay $800M for 95% stake in team, Wrigley field

(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. More»

Chicago institution breaks Blagojevich news, and is a player in corruption allegations

(NEWSER) - What a difference a day makes for the Chicago Tribune, which yesterday broke the story of Illinois Gov. Rod Blagojevich’s arrest, and was itself an object of his alleged corrupting intentions—just a day after its parent company declared bankruptcy, the Wall Street Journal notes. “It’s pretty electric right now,” a top editor said of the newsroom atmosphere. More»