Ricketts family finally take ownership of Chicago Cubs

28 October 2009 | Posted in Sports Properties, Baseball | By Adam Fraser

The sale of the Chicago Cubs to the Ricketts family, agreed in August, has finally gone through, with the family formally taking control of the team, its Wrigley Field stadium and 25 per cent of Comcast Sportsnet.

The US$845 million deal marks the end of a two year search for investment from the Tribune Company, which paid US$20 million for the team in 1981. Tribune will retain a five per cent interest, and will also have a seat on the Major League Baseball franchise's board.

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"My family and I are thrilled that this day has finally come and we thank commissioner Bud Selig and Major League Baseball owners for approving our ownership," said Tom Ricketts, who will serve as board chairman, in a statement.

"Now we will go to work building the championship tradition that all Cubs fans so richly deserve. It's fitting that this closing takes place during World Series week. Out of respect for the Fall Classic, and at the league's request, we will wait to introduce ourselves to the media and fans until this Friday, a travel day in the series between the Phillies and the Yankees."