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Wednesday
May 6, 2009
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Cubs Sale Progressing, But Will Not Meet Latest Deadline

Ricketts' $900M Acquisition Of
Cubs Still Expected To Proceed

Prospective Cubs Owner Tom Ricketts' $900M acquisition of the franchise "will not [be] completed by" the May 20-21 MLB owners' meetings, but the "blown deadline is not an indication that the deal is in trouble," according to sources cited by Ameet Sachdev of the CHICAGO TRIBUNE. A source said the sale is "proceeding slowly but proceeding." Sources "blamed the slow pace of negotiations on several factors," as the "double whammy of a recession and a financial-sector meltdown has made it difficult for the Ricketts to secure financing." The family "raised $400[M] for the deal by selling personal stock holdings and planned to borrow the rest," and the "need for loans is being partly driven by Tribune Co.'s desire to minimize taxes in selling" the Cubs, Wrigley Field and a 25% stake in CSN Chicago. Lawyers on both sides also "need to make sure the complex deal will gain approval from a bankruptcy judge." Sachdev notes both sides now are "reluctant to put a timetable on completing the deal." A source: "Seems like every time we talk in terms of deadlines we manage not to get it done in the right time frame" (CHICAGO TRIBUNE, 5/6).

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