Ricketts Lining Up Three Banks to Complete Cubs Sale Financing

The sale of the Chicago Cubs, Wrigley Field, and a 25 percent stake in Comcast SportsNet Chicago has reached a critical point as three banks have been lined up by bidder Thomas Ricketts to close the sale transaction. According to Daniel Kaplan of the SportsBusiness Journal: JPMorgan Chase, Citigroup and Bank of America are set to commit to the deal as soon as the end of this week, the sources said. That commitment would allow Ricketts to submit his $900 million bid to the court that’s overseeing the bankruptcy filing of current Cubs owner Tribune Co. The court likely then would take 30 to 45 days to process the offer, one source said, leaving a potential closing ready by July. Ricketts is looking for $450 million to complete the $900 million transaction. As further reported by the SBJ: According to one finance source, the $450 million financing is split between a loan and a fixed-rate private placement, which represents loans from institutional investors like pension funds. The b...