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Brother, Can You Spare $25 Million?
Written by wrigleyville   
Monday, 20 April 2009
It's harder to scrape together $900 million than it used to be:

Tom Ricketts is looking for other Cubs fans with deep pockets.

Ricketts, a Chicago investment banker who is leading his family's pursuit to buy the team from Tribune Co., is seeking investors to help him finance his $900 million bid, according to sources involved in the transaction.

He would prefer local investors who want to spend at least $25 million, sources said. Ricketts hopes to raise at least $100 million to reduce the amount the family has to borrow from banks to pay for the team, Wrigley Field and related broadcast assets.

Why is this necessary?

Since Chicago-based Tribune Co., which also owns the Chicago Tribune, selected the Ricketts family in January to purchase the team, negotiations have taken longer than expected.

Sources said the family, like many companies, is finding it difficult to secure bank financing in one of the worst economies in decades. 

The $25 million stake comes with no say in how the team is run - just a 6.5 percent return on investment.


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