The deal gives the Ricketts family control of the team, its Wrigley Field home stadium, and Tribune’s 25 per cent stake in regional cable television channel Comcast SportsNet. Tribune will keep a 5 per cent interested in the team.
Tribune, which filed for bankruptcy in December 2008, had held discussions with several rival bidders in recent months, but announced on Friday that the deal with the Ricketts had been sealed. The sale must now be approved by the court overseeing Tribune’s bankruptcy proceedings and the Major League Baseball commission.
Tribune filed for bankruptcy after a $8.2 billion buyout collapsed as the US newspaper print advertising market plummeted.
