Cubs Sale Not Expected to Be Completed by May Owners Meetings

To use a bad pun, stop the presses. The $900 million sales transaction between the Tribune Co. and Thomas Ricketts for the Chicago Cubs, Wrigley Field, and a 25 percent stake in Comcast SportsNet Chicago will not make the self-imposed deadline of the next quarterly MLB owners meetings. Those meetings are set for May 20-21. The reason? According to a report in today’s edition of the Chicago Tribune: Sources blamed the slow pace of negotiations on several factors. 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 million for the deal by selling personal stock holdings and planned to borrow the rest. The deal is also dragging out due to the fine-toothed comb that lawyers are taking to it. That is being done to ensure that the deal is approved by a bankruptcy judge. Tribune filed for Chapter 11 bankruptcy protection in December. Due to the complications, both sides are reluctant to say ...