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UPDATE: Cubs Going To Ricketts For $900 Million
Written by wrigleyville   
Thursday, 22 January 2009
Update (8 p.m.): The Trib catches up with the rest of the journalism world, citing sources who say the Ricketts family is the winner at $900 million:

After nearly two years of intrigue, the billionaire Ricketts family has emerged as the winning bidder to purchase the Chicago Cubs from Tribune Co. for about $900 million, sources close to the situation said this evening.

The family will now complete negotiations with Tribune Co.

The family edged out Chicago real-estate investor Hersch Klaff and New York private-equity investor Marc Utay, a Chicago native, for the chance to follow Tribune Co., the Chicago-based media conglomerate, as owners of the storied yet hard-luck franchise.

Earlier: Yet another development, with yet another caveat that nothing is final.

NEW YORK/CHICAGO, Jan 22 (Reuters) - Tribune Co's creditors favor the bid of Tom Ricketts, the head of a Chicago investment bank, to buy the Chicago Cubs baseball team, a source familiar with a key creditors meeting said on Thursday.

The process is not over, however, as rival bidders may still choose to raise their bids and Major League Baseball must approve any group before the deal can close, said the source, who asked not to be identified because the sale is still ongoing.

That means a group led by Marc Utay, a managing partner with New York-based private equity firm Clarion Capital Partners LLC, is still in the game.

A bid by Chicago real estate executive Hersh Klaff had fallen behind the other two, sources said.

Just get it done already.



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