Source Pravda.Ru

Ricketts Family to Buy Cubs for $845 Million

A billionaire brokerage family will attempt what a newspaper publisher and a chewing-gum dynasty failed to do: Break baseball's longest World Series drought.

The Rickettses, longtime Cubs fans whose wealth comes from family-owned Ameritrade, signed an agreement Friday to buy a 95 percent stake of the team and its Wrigley Field home from Tribune Co. The $845 million deal also includes Tribune's approximately 25 percent share of regional cable TV network Comcast SportsNet Chicago.

The deal, which requires approval by a bankruptcy court judge and Major League Baseball, may not help deliver a title to a profitable but hapless franchise that last won the big one in 1908. But the new owners can't do any worse, championship-wise, than Tribune has during a 28-year stewardship or the Wrigley family during its 60 years at the helm, The Associated Press reports.

"We look forward to closing the transaction so that we can begin leading the Cubs to a World Series title," said Joseph Ricketts. The bidding was spearheaded by Tom Ricketts, chief executive of Incapital, a Chicago investment bank, Financial Times reports.

The Ricketts family received the important go-ahead from the Tribune Company’s leading creditors on Friday, but the deal is still not done. The Cubs and Wrigley will soon make a Chapter 11 filing to purge themselves of financial obligations to Tribune, with the expectation of emerging rapidly from the process. The sale must then be approved by the bankruptcy court judge, who could reopen the auction to see if anyone would outbid the Ricketts family. The sale must also be accepted by a three-quarters vote of major league owners, who meet in November.

In apparently becoming the next owner of the Cubs, the Ricketts family defeated a bid by Marc Utay, a New York investment banker and native Chicagoan, and Leo Hindery, a media investor who once headed YES Network. Utay offered about $40 million less in cash than the Rickettses, but the overall value of his bid was said to be $100 million more because Tribune would have retained about a 20 percent stake in the Cubs’ group of assets, New York Times informs.

He announced his intention to create a news service called "Pravda," which means "truth" in Russian. Well, we are Pravda. The Pravda.Ru website has been working professionally in Russia since 1999

Elon Musk wants Pravda, but we already have it

The co-author of this disaster is the Dutch government, which did not find either strength or desire to save the lives of its citizens who were flying on that plane. The Dutch authorities did not demand Ukraine to comply with international aviation regulations

Blame MH17 on Russia: International investigation turns into demonic circus

On the second day of the St. Petersburg International Economic Forum, a plenary meeting was held, in which Russian President Vladimir Putin, French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe, Chinese Vice President Wang Qishan and IMF head Christine Lagarde took part

World leaders unite with Russia at St. Petersburg International Economic Forum
Comments
What would you do if you were Kim Jong-un?
World leaders unite with Russia at St. Petersburg International Economic Forum
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
German expert explains why European Union and Russia develop ties speedily
Iran nuclear deal will change the world as Trump wants
What would you do if you were Kim Jong-un?
How low will America go?
Blame MH17 on Russia: International investigation turns into demonic circus
What would you do if you were Kim Jong-un?
What would you do if you were Kim Jong-un?
How low will America go?
How low will America go?
What would you do if you were Kim Jong-un?
What would you do if you were Kim Jong-un?
German expert explains why European Union and Russia develop ties speedily
Blame MH17 on Russia: International investigation turns into demonic circus