DELUSIONAL CUBS FAN

Meet Tom Rickets, new owner of the Chicago Cubs.  Are you familiar with the term “Back Loaded Contract” Tom?

Tribune Agrees to Deal to Sell the Cubs to Ricketts Family

Part of me worries that it may be to early to report on this story, but the Chicago Tribune and MLB.com have both reported that the Chicago Tribune has agreed on a written deal to sell the Chicago Cubs franchise, Wrigley Field and broadcast rights including a share of Comcast Sports to the Ricketts family.

That’s right…. after two years of fanagaling, the Chicago Cubs have been sold.  Almost.

It’s not official yet, as Major League Baseball officials and owners must approve the deal, which is likely.  The deal must also be approved by Chicago Tribune’s debt holders, as the company has filed for Chapter 11 bankruptycy.  This is also likely to happen as they are more likely to receive their money back from the sale of one of the Tribune companies assets.

But… it may be safe to declare that the Chicago Cubs have been sold.

I’ve stayed away from the ups and downs of this situation as there’s been many and I didn’t feel like reporting on all the latest rumors.  The only post I have written about the sale is when the Tribune Company declared Tom Ricketts the winning bidder.  As recently as a couple weeks ago though, the Tribune Co. threatened to begin entertaining offers from another bidder for the team, which would have sent this process even farther into extra innings.

But as of July 6, 2009, multiple sources are now declaring that the Tribune has agreed not only to sell the team to the Ricketts family, but they have already submitted written details of the offer to Major League Baseball for approval.  If that really is true, then the sale of the team, though not final, is all but official.

Cubs fans will get there wish, which is for someone other than the Chicago Tribune to own the team.  The Trib was blamed for often putting profitability of the franchise first rather then first rather than trying to field a competitive team.  Many Cubs fans would like to see a new owner come in and invest in this teams and begin what we could only hope is a “new era” for the Chicago Cubs.

I have high hopes for the new owner.  I wrote about Tom Ricketts and the Chicago Cubs months ago but I’ll summarize why this could be a good thing:

1. Tom Ricketts is a Chicago Cubs fan – He’s been to hundreds of games in his life
2. The Chicago Cubs will be owned by a PERSON and not a CORPORATION.  Corporations make decisions based on profit only.  That’s just what they do.  Having an owner will give fans someone to hold accountable other than a faceless corporation.
3. As the new owner and face of the franchise, Tom Ricketts will want to make moves to improve the team.  He’ll have a brand new toy and like anyone would, he’ll want to get the most out of it.  He’ll want to improve the team so that Cubs fans will accept him as the owner.

That’s the basics but there are others.  The main thing is, that selling the Cubs could improve this team.  They don’t have a “lame duck” owner anymore just trying to maintain an asset – The Chicago Cubs will have a new owner who loves the Cubs and wants to fullfill everyone’s dream: The Cubs winning the World Series.  If he can do this, fans will build a statue of Tom Ricketts outside of Wrigley Field.

I’ll be updating this post as more news becomes available.  What we know now is that Ricketts and the Tribune have shaken hands on the deal and sent it to MLB for approval.  The purchase price is unknown but it’s somewhere “just below” the original bid of 900 million.  That’s a pretty penny.  Noone spends $900 million for nothing, and we can expect that Tom Rickets wants a winner.  We all hope he can deliver.

As always…. GO CUBS!!!

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Related Stories:

Tom Ricketts Selected As Winning Bidder for the Chicago Cubs

Tribune Co. reaches deal to sell Cubs, Wrigley – Chicago Tribune Breaking News

Report: Tribune, Ricketts family reach deal – Cubs.com

Major League Baseball gets peek at a Chicago Cubs sale deal – Chicago Tribune

Tribune sale of Cubs to Ricketts ‘very, very close’ – Chicago Sun Times

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