Tribune Cubs' sale agreement approved; baseball league OK required

By Caroline Salls

Pittsburgh, Sept. 24 - Tribune Co. received court approval to enter into a formation agreement with the Chicago National League Ball Club, LLC that will allow the company to move forward with the sale of the Chicago Cubs Major League Baseball franchise and related assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

In the motion, the company said the transaction is valued at $844.74 million.

The proposed transaction also includes business conducted by Wrigley Field Premium Tickets, LLC and the Tribune's ownership interest in Comcast SportsNet Chicago, LLC.

The company is seeking to sell the assets to a company newly formed by the Ricketts family.

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

The proposed business combination remains subject to Major League Baseball approvals.

As previously reported, 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.

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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