Thomas Ricketts, Final Cubs Bidder, Resigns From TD Ameritrade Board

Thomas Ricketts, the final bidder for the Chicago Cubs, Wrigley Field, and a 25 percent stake in regional sports network Comcast SportsNet Chicago, has resigned from the board of TD Ameritrade Holding Corp. (NASDAQ:AMTD), the company owned by his father, Joe Ricketts. The resignation comes after the family sold 34 million shares of the company last week worth approx. $403 million. Ricketts has been engaged in exclusive negotiations with the Tribune Co. to finalize the sale process for the Cubs and its associated assets. The $403 million from the stock sale will move the family closer to the $900 million bid price that Thomas Ricketts submitted. If need be, the Ricketts family has also said that it is willing to provide more equity in order to complete the deal. With the sale, the Ricketts family now controls approx. 17.7 percent of Ameritrade, but at the same time, lost a one of three board seats the family controls. To address the lost seat, Thomas Ricketts resigned. It should b...