Updated: -It’s not over ’til it’s over, as the Chicago Sun-Times is saying a contract is close, but it’s nothing has been signed and sealed yet, meaning the Reuters item was a bit premature. The official word comes from Tribune rep Gary Weitman, who said that the company’s still in “an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement.” For another thing, the Cubs deal would still have to meet the approval of Major League Baseball and after that, the bankruptcy court would have to okay it. With $12 million in debt, it’s clear that Tribune’s creditors can hardly wait for the deal to close.
– Original post: The bankrupt Tribune Company has finalized its deal to sell the Chicago Cubs to the Ricketts family, more than six months after the two struck an initial agreement, Reuters reported. The amount is slightly less than the $900 million the local financier and the newspaper publisher initially agreed on, the news service said, citing an unidentified source.
– Cubs’ value downgraded: Before the economy turned significantly sour last fall, the major league team