The Ricketts family, which owns the MLB Chicago Cubs, is interested in buying Serie A side AC Milan, a source close to the potential transaction said, according to Tim Bannon of the CHICAGO TRIBUNE. The club's current owner is Chinese businessman Li Yonghong. According to Forbes, AC Milan is valued at $612M. The news came as Li reportedly failed to meet a deadline Friday for a $37M payment due to the team. The family, according to the source, wants "to acquire a controlling interest in AC Milan." The Ricketts family is reportedly "working with Morgan Stanley on the deal." Cubs Chair Tom Ricketts' interest in football "is nothing new." In May, he and Chicago developer Sterling Bay said that they were "forming a joint venture" to bring a United Soccer League expansion team to Chicago. Italian media reported on Saturday that there is "also another American party" -- which it did not name -- interested in purchasing Milan (CHICAGO TRIBUNE, 6/23). In London, Ian Tuckey reported AC Milan is "in turmoil" as it waits to see if UEFA will ban it from European competition for breaching financial fair play rules. A statement released from the Edelman agency said, "The Ricketts family (not only Tom) is interested in acquiring majority control of AC Milan. While Tom is the reference person, the entire family and the entire family's financial resources are involved in this affair, just like the Chicago Cubs" (THE SUN, 6/22). In Chicago, Madeline Kenney reported the value proposition for the Ricketts is that the family "knows how to build a winning franchise." Since the family took over the Cubs in '09, the franchise's net worth has doubled and was last reported as being valued at $2.9B, according to Forbes. The Ricketts turned the Cubs into a billion-dollar franchise and helped the team win its first World Series in 108 years (CHICAGO SUN TIMES, 6/22).
