Obsessive New Ownerwatch: Sale Agreement Reached

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Obsessive New Ownerwatch: Sale Agreement Reached

Chicago Cubs

All over, folks are reporting that the sale is now a done deal. But that’s not quite precise. The sale agreement has been finalized, which means they’re ready to sign on the dotted line as drawn up. No money has been exchanged and no approvals have been received.

But we’re close. Very close.

The Chicago Tribune reported the two sides finalized a sale agreement over the weekend and have forwarded the contract to Major League Baseball. However, the deal must be approved by other baseball owners. With Tribune Co. operating under Chapter 11 bankruptcy, the sale also will need court approval.

The Tribune source said the sale price is “close” to the $900 million bid the Ricketts family offered earlier this year that won an auction for the baseball team, stadium and a 25 percent stake in Comcast SportsNet Chicago, a regional cable television sports network. cubs.com.

Completing the sale will still take a few weeks, assuming approvals come through quickly.

Author: Brett Taylor

Brett Taylor is the Editor and Lead Cubs Writer at Bleacher Nation, and you can find him on Twitter at @BleacherNation and @Brett_A_Taylor.