Chicago Cubs get needed bankruptcy court OK

WILMINGTON, Del. (AP)—The sale of the Chicago Cubs moved closer Tuesday as a bankruptcy court judge said the team can go to the family of billionaire Joe Ricketts in a $845 million deal.

The judge had already cleared Tribune Co. to sell the team and Wrigley Field. But he gave his approval again Tuesday because the Cubs filed separately for Chapter 11 protection on Monday.

The team cited assets of $1.42 billion and liabilities of $1.26 billion, but the Cubs’ finances weren’t in question. The bankruptcy filing was made to ensure that the team can’t be hit with claims by Tribune creditors, because the ballclub wasn’t covered when Tribune filed for Chapter 11 last December.

The Ricketts family’s deal for the Cubs could close in a couple of weeks, according to Don Liebentritt, Tribune’s general counsel. The deal—which involves a record price for a major league team—has been approved by the other baseball owners.

After taxes and fees, Chicago-based Tribune, which owns newspapers and TV stations, expects to reap about $740 million from unloading most of its stake in the baseball team. Tribune will maintain a 5 percent stake.

Ricketts is the founder of Omaha, Neb.-based TD Ameritrade.

AP Business Writer Andrew Vanacore contributed to this report from New York.

258 Comments

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  1. jeffstorm2
    258. Posted by jeffstorm2 Sat Oct 24 8:06pm EDT

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    lind- another guy whom cannot seem to find his teams page...thanks for sharing ur "thoughts" wit da cub fans...i'm certain everyone will drop their team pride cuz u don't like da cubs...sigh...when will you ppl learn? i sure hope Lind aint a cards fan...they, too, got spanked by LAD.
  2. Lind
    257. Posted by Lind Wed Oct 14 2:38pm EDT

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    Go Cubsssss Go Cubsss they singing Go Cubs, Hey Chicago wattttt say.. the Cubs are going to lose to day.
  3. BRAD
    256. Posted by BRAD Wed Oct 14 11:53am EDT

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    #251 Derek;

    LOL!!! I am a loooong way from liberal!!!! About as far from liberal as you can get, actually.

    And my feelings are...if you have to "step on the little people" at ANY point for ANY type of gain, then it's morally wrong...period. Again, you are in the same boat as I told the other gentleman earlier......your attitude/morals (or lack thereof) is the reason our country is in the state it's in. Greed that makes people willing to do anything, including "stepping on people" or worse, so they can have more. Sad...

    You can call it what you want, capitalism or whatever, but it doesn't change the fact that it is wrong. Don't believe me??? Just wait until YOU are the one that gets completely squashed by some that's willing to "step on the little people" for their personal gain. Because no matter who you are, eventually there is always someone bigger in this country/world that will be willing to step on you to make another million. So enjoy it when you get to experience it, and remember this conversation...lol. And no, I won't be moving anytime soon, but since my "type" were here before you, then by all means feel free to move yourself, and take your capitalism or whatever you want to call your greed, with you.....PLEASE!!!

    I would LOVE to be in Congress and be able to change the laws!!! But, alas, I don't have the money to spend millions on a campaign (surprise), and I'm not willing to lie, step on any "little people", or kiss anyones backside to get it. Only to have to pay the money 'loaners' back later (return the favor) with taxpayers money, when I got elected.

    And you're right, I shouldn't use the word buttholes; I apologize to everyone for that.

    However, I stand by my other comments wholeheartedly.
  4. JIMG
    255. Posted by JIMG Wed Oct 14 11:37am EDT

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    Go cubs go
  5. <i>scotmick2</i>
    254. Posted by scotmick2 Wed Oct 14 10:36am EDT

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    Hey #1 cub fan.............your grammar and spelling is compareable to a 3 year old, and so is your memory. I can remember a robust "crowd" of 5,000 for a game against the Cardinals at your "hallowed shrine" POS ballpark. I hope Ricketts knows what he's doing....he bought a "pig in a poke". You may fill up your "ballpark" more than the White Sox fill theirs, but your ticket and food prices are still going up, you still have nothing to show for the last 101 years, and you are still saddled with the worst outfield and pitching staff for next year....enjoy all the "hot" women....that's all you got.
  6. Guy, ala Fracais rhyming w/ Bee. RaymondGuy
    253. Posted by Guy, ala Fracais rhyming w/ Bee. RaymondGuy Wed Oct 14 8:11am EDT

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    Buy your $50 tickets, drink your $8 beer and watch as billionaires work the system right-In Yo Face!

    Billionaires spend there lives reaping the rewards of your work, MLB billionaire owners do it in plain site as you cheer them on with their Steroid Freak Show.

    * Keep those Asterisks coming * - right In Yo Face
  7. # 1-Cub's fan
    252. Posted by # 1-Cub's fan Wed Oct 14 7:19am EDT

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    The newspaper is looking to get family off the pay roll after years, the Cubs may not get the paly off ,but have the fan to back upthe team.UN-LIKE THE SOX'S they never fill the park up or will never do this. the next time you are driving around,look at how many plates-sticker-flag's ,etc do you see, they are all CUBS. WERE ARE THE SOX'S FANS? NO WERE!
  8. Derek
    251. Posted by Derek Tue Oct 13 11:47pm EDT

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    Buttholes? are you twelve? BRAD Im just as liberal as you but no one makes a hundred million dollar company without stepping on the little people sometimes. That is capitalism. It you dont like it move to communist china. If you are in Congress then change the laws. If neither then shut up. They are both doing what is best for them in the business environment. Live with it.
  9. BRAD
    250. Posted by BRAD Tue Oct 13 11:27pm EDT

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    #246 Ammond

    Hmmm.... I have "bandwagoners"? Well, maybe that's because there are other people that are actually smart enough to understand what's going on here....????

    I guess I won't include you in that list though...lol.
  10. swats
    249. Posted by swats Tue Oct 13 10:47pm EDT

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    A great move indeed. The cubs are in great hands now!
  11. <i>ih8nmu</i>
    248. Posted by ih8nmu Tue Oct 13 9:53pm EDT

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    If I won a sizeable enough mega millions, I would happily spend the entire amount on buying Wrigley Field + cubs, then demo the field and construct a baseball museum dedicated to all teams of the MLB minus the Cubs. That will make everyone outside yuppyville happy. Until someone dissassembles the Cubs, you'll have drunk idiots talkin on and on about 2003, when they're "gonna" win, and where they were when yadada... happenned. Who cares? Outside of this delapedated, out of the times, broken down, crap field no one cares!
  12. AmmonD
    247. Posted by AmmonD Tue Oct 13 9:26pm EDT

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    and carlo, your acronym for the CUBS was a complete failure - glad your repping the Sox
  13. AmmonD
    246. Posted by AmmonD Tue Oct 13 9:22pm EDT

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    ignorant fools, who think the cubs are the only asset of the tribune co. its the newspaper industry that has failed the company. seriously who subscribes to a daily paper anymore? i do but its not what it once was

    and whats with all the hate towards ricketts? he is a true cubs fan with an enthusiasm that has long been needed within the cubs management. - dont hate just because he is financially successful, you could probably learn a thing or two from his work ethic.

    BRAD, looks like you have a lot of band wagoners, too bad they are just as nonsensical as your comments. greedy buttholes? wow, where has our logic gone?
  14. Bunnies will steal your soul
    245. Posted by Bunnies will steal your soul Tue Oct 13 9:17pm EDT

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    The field should be "We always choke and blame someone else field". The cubs franchise has been a disgrace for years and will be for years to come.

    Cubs suck, dynamite Wrigley.
  15. MikeD
    244. Posted by MikeD Tue Oct 13 8:31pm EDT

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    give it a few yrs we will have a new ballpark and guess what the name will be---Ameritrade field.
  16. chgonwburb
    243. Posted by chgonwburb Tue Oct 13 8:20pm EDT

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    #1 Cubs fan" You just keep selling it out. That's exactly why there will never be a winner there. After all they are the loveable losers. I grew up in the Fifties 2 miles from Wrigley. I knew the that Wrigley never cared about baseball because gum made the money, thirty years later nieghborhood fun makes the money.
    Winning? You'd better not Cubbies, then fans might realize your playing in a dump . The mystic will be gone replaced by fans that just might want a good team. And a comfortable place to watch them from. What a concept!
  17. HAROLD F
    242. Posted by HAROLD F Tue Oct 13 7:30pm EDT

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    I thought when you file for it you can negate all contracts. It happened to me 3 times in the Airline Biz. You mean to tell me Sorryanal.Boredgame (MB)and So-so I mean Soto don't need to be negated?
  18. # 1-Cub's fan
    241. Posted by # 1-Cub's fan Tue Oct 13 5:55pm EDT

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    The white sox suck.no were in the mlb , do you get free tickets. they are hard up for any one to show up. look at disco night.,for exp.i toke a bud of mind to a cubs game and all he could say i wish we had half of the good looking girl's and women in sox's park. all we have there is a hand full of blue hair old women. the cubs have aways sold this park out, the sox will never come close the people going threw the gate. they could have a 100 world ser, ring. but will never fill that park up.go cub's
  19. BB
    240. Posted by BB Tue Oct 13 5:25pm EDT

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    I'm sure he's majorly loaded. Seriously, I have no idea why the Pohlad family has held onto the Twins. Carl was not a baseball man...the only Pohlad who knew/cared anything about baseball was Mrs. Pohlad, and she's been gone for several years. I think the kids just use the baseball team for cash flow. Not sure if any of them have a real job. We long suffering fans in the upper midwest need someone to buy the Twins, someone preferably with serious cash, who can overcome the small market mentality that has pervaded the organization under the Pohlads. Otherwise it's just going to be more of the same.
    P.S. How did you think Joe Mauer did with his 3-game audition for the Yankees?
  20. Lind
    239. Posted by Lind Tue Oct 13 5:18pm EDT

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    Too bad he did not buy a third world country 845 million, this old geezer is loaded. He must support Rush Limbaugh
  21. BB
    238. Posted by BB Tue Oct 13 5:04pm EDT

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    Too bad he didn't buy the Twins.
  22. BRAD
    237. Posted by BRAD Tue Oct 13 4:46pm EDT

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    Riskybusiness;

    Just because the governments loopholes allow something, doesn't make it morally right, and just because it's been going on for two years now, doesn't increase the validity of a 'great deal', for those that are being left owed money to. After all, many of the 'laws' now put in place by the government were put ther by greedy, rich buttholes that were able to raise enough money (how many millions does it take to get elected to a high office now?), and make enough promises to greedy, buttholes to help them push their agendas through once they help them get elected (with millions of dollars of funds) in the first place. So, some of the people that make it to that stage of government, 1) Already have a rich man's shallow, greedy, materialistic mentality. 2) Have many rich man's pockets to line with laws that are 'convenient' to them and their pocketbooks, to pay them back for the millions they spent to help them get elected so they could push their agendas. Sounds like am talking in circles, doesn't it? That's because the whole cycle is one BIG, viscious, circle. You have to be rich to make it that part of the governent in the first place....Hmmmm.... And now in this country, people think just because someone is monetarily weathly, then they MUST be wise and will make good decisions....lol. THAT couldn't be farther from the truth.

    I see the point you are making...they aren't doing anything against the law. Point taken...but like I said...just because something isn't against the law, doesn't cover up the stench that it creates for everyone to smell. And the ill-feelings generated that people that are out of work, or are otherwise suppressed, have to feel as they watch multi-millionares play their money games to get out of paying the moeny that they really do owe, and that would certainly help the economy....that is if Washington would be more wise with their spending, too.

    The "working man" I am talking about is the Middle Class in our country. They have supported this country since its inception, and it looks like they will continue to do so until they rebel...if they ever do.

    So, really, I'm not "just another mis-informed poster", I'm actually a well-informed poster that disagrees with you, and that is tired of all the greed on this country and the rich people taking advantage of the whole world when they can, if it means putting another buck in their pocket.

    And like I said in my original post, this bankruptcy (and many other transactions like it) certainly exploits more legal loopholes put in place by our rich mentality goverment, to scratch the backs of the rich man in this country, and to 'us working men', it certainly leaves a stench that we get to smell for years, possibly decades to come. Legal or not.....

    I guess I'm done "spewing" my ignorance....

    Good day to you, riskybusiness, I've enjoyed reading your comments.
  23. RiskyBusiness
    236. Posted by RiskyBusiness Tue Oct 13 4:30pm EDT

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    The Bankruptcy judge again approved the Cubs sale to the Ricketts family. Let me dumb this down for you morons out there still stuck on the {insert rival team here} suck phrase. You must have a hot key for typing that crap.

    1. Bankruptcy court judge said the team can go to the family of billionaire Joe Ricketts in a $845 million deal.

    2. The judge had already cleared Tribune Co. to sell the team and Wrigley Field. But he gave his approval again Tuesday because the Cubs filed separately for Chapter 11 protection on Monday. That step was taken to ensure that the team can’t be hit with claims by Tribune creditors.


    3. The deal—which involves a record price for a major league team—has been approved by the other baseball owners.

    4. After taxes and fees, Chicago-based Tribune, expects to reap about $740 million from unloading most of its stake in the baseball team. Tribune will maintain a 5 percent stake.

    As we say at Wrigley - Shut up and Drink your Beer.
  24. RiskyBusiness
    235. Posted by RiskyBusiness Tue Oct 13 4:04pm EDT

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    #232 - No Brad, you're just another misinformed poster. The Cubs were not part of the original Tribune Company bankruptcy filing. And the sale of the Cubs from the Tribune has been approved by the bankruptcy judge. So all the creditors have had their opportunity to speak in court. Any new objection to the sale would only be harassment and probably without merit.

    Crooked Deal?? What proof do you have? Just show me something. Come on, anything... You got nothing. Just crap spewing from your mouth about rich guys, buttholes, and morals.

    This sale has been in the works for 2 years. Why do you think that now, it's crooked?

    Can you provide me one example of a "good-business"? And who is this "working-man" you talk about? Are you about to say "workers of the world unite...?

    And to all brainiacs that say "Cubs suck", I say that people who say suck, suck.
  25. Carlo
    234. Posted by Carlo Tue Oct 13 4:00pm EDT

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    I don't understand how a team who hasn't been to the World Series in 50 years continues to rake in the revenue they do.

    I guess the North side of Chicago has money to waste so they can overpay for underachievers like Soriano and Bradley because the fans will provide them the means to overpay someone else this off-season.

    Out south we know trash when we see it, and do as most sensible fans do, and save our money.

    GO WHITE SOX.......FOREVER

    SCREW THE C.U.B.S.

    Choke
    Up
    By
    September (August this time)
    LOL.
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