Sale Of Cubs To Ricketts Family Could Be Announced Within Days

Definitive Sales Agreement For Cubs Could Be Signed Within Days

Tribune Co.'s sale of the Cubs, Wrigley Field and a 25% stake in CSN Chicago to the Ricketts family "likely will be inked by Monday," according to a source cited by Mike Colias of CRAIN'S CHICAGO BUSINESS. The parties have been "working to formalize terms of a limited partnership between the Ricketts family and Tribune, which is retaining a 5% stake in the franchise to avoid a huge tax hit from the sale" (CHICAGOBUSINESS.com, 8/20). In Chicago, Ameet Sachdev reports the two sides are "close to completing all the legal documents associated with the large and complicated transaction" more than a month after agreeing to financial terms. Sources said that they "expected a definitive agreement could be signed within days." Tribune spokesperson Gary Weitman and Ricketts spokesperson Dennis Culloton did not comment. Sachdev notes the Ricketts family has "agreed to pay about" $900M in the deal. Tribune is seeking the limited partnership "to shelter several hundred million dollars in capital gains that would be generated by selling assets held through decades of growth" (CHICAGO TRIBUNE, 8/21).