Tribune To Put Cubs Into Ch. 11 For $845M Sale

Law360, New York (August 24, 2009, 4:15 PM EDT) -- A family of financial entrepreneurs including the founder of TD Ameritrade Holding Corp. has signed a definitive agreement with the bankrupt Tribune Co. to buy 95 percent of the Chicago Cubs National League Baseball Club in an $845 million deal that calls for the franchise assets to enter Chapter 11 protection.

Tribune plans to hold onto a 5 percent ownership interest in the team, though the Ricketts family — led by Thomas Ricketts, CEO of Chicago investment bank Incapital LLC, and Ameritrade founder J. Joe Ricketts...
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