Tribune, Chicago Cubs secure court approval of sale agreements

By Caroline Salls

Pittsburgh, Oct. 14 - Tribune Co. and the Chicago National League Ball Club, LLC received court approval to enter into a formation agreement and business combination in connection with the sale of the Chicago Cubs to a new company formed by the Ricketts family, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the transaction is valued at $844.74 million and also includes business conducted by Wrigley Field Premium Tickets, LLC and the Tribune's ownership interest in Comcast SportsNet Chicago, LLC.

Tribune will retain a 5% common ownership interest in the new company.

Financing for the Ricketts family's purchase of a 95% stake in the Chicago Cubs will include $450 million of senior debt and $248.75 million of subordinated debt, according to an Aug. 26 court filing.

The business combination remains subject to Major League Baseball approvals.

The Chicago Cubs is a baseball team owned by Tribune Co. The team filed for bankruptcy on Oct. 12, and its Chapter 11 case number is 09-13496.

Tribune, a Chicago-based media company, filed for bankruptcy on Dec. 8, 2008. Its Chapter 11 case number is 08-13141.

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