Magazine article Editor & Publisher

Financing Breakthrough in Tribune Cubs Sale, as Family Sells Big Ameritrade Stake

Magazine article Editor & Publisher

Financing Breakthrough in Tribune Cubs Sale, as Family Sells Big Ameritrade Stake

Article excerpt

Debt-encumbered Tribune Co.'s oft-delayed sale of the Chicago Cubs baseball team and its landmark Wrigley Field venue took a giant step towards completion Wednesday as the financing plans of the winning bidders became clearer.

TD Ameritrade Holding Corp. announced that it was paying more than $402 million to buy back shares from founder Joe Ricketts to finance his family's bid for the Cubs. TD Ameritrade, parent of the discount brokerage, will buy 34 million shares at $11.85 a share, leaving the Ricketts with a 17.7% stake in Ameritrade.

"Our family is working to close a deal for the Chicago Cubs, and we are pleased to have reached a mutually beneficial agreement with the company that will help us to do so," Joe Ricketts said in a statement released by Ameritrade.

In January, the Ricketts beat out two other bidders for the right to negotiate with Tribune for the team, the stadium and a 25% interest in a regional sports cable network. …

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