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Tribune looks to begin process of selling Cubs, Wrigley Field
By Jennifer Lanning Drey
Portland, Ore., Aug. 24 - Tribune Co. requested court approval to begin a two-step process to sell its Chicago Cubs Major League Baseball franchise and Wrigley Field to Chicago Baseball Holdings, LLC, a company newly formed by the Ricketts family, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, Tribune said it was asking the court to approve the proposed form and scope of notice to be given related to the planned business combination.
In addition, the company asked for a court order specifying that no further marketing or action process is required as a precondition to consideration and approval of the transaction.
The proposed transaction would also include business conducted by Wrigley Field Premium Tickets, LLC and the Tribune's ownership interest in Comcast SportsNet Chicago, LLC.
Tribune would retain a 5% common ownership interest in the new company.
In a Friday news release, Tribune said it reached the agreement with the Ricketts family after a thorough bid process that began more than two years ago.
The company plans to seek court approval of the transaction in two separate but related motions, the first of which will seek approval of the business combination under Tribune's currently pending Chapter 11 proceedings, according to Monday's filing.
The second step of the process will be for the Chicago National League Ball Club, LLC, the entity holding most of the assets of the Cubs franchise, to file for Chapter 11 bankruptcy to effectuate the proposed business combination. It will then file a motion seeking court approval of the proposed business combination.
Under the terms of the proposed transaction, the new company will assume substantially all liabilities and obligations of the Cubs entities.
A hearing is scheduled for Aug. 31.
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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