Saturday, May 30, 2009

Ownership Update, Good News

According to Crain's Chicago Business, the Rickett family is close to finishing off the deal for the Cubs than recent reports suggest.

A lot of people thought that there was a disagreement with the broadcast contract with WGN's network station. Also that left the two sides apart 50 million of the 900 million.

Sources says both sides made big strides for competing the deal. The Rickett family has has a lot of talks with the Tribune since early January.

The financing looks to be in place with J. P. Morgan Chase & Co., Citigroup Corp. and Bank of America Corp, the are loaning 350 million to the Tom Ricketts. Crain has learned that draft commitment letters are expected to be signed by next week. The balance of the funding will come from a $100-million private placement of notes and $403 million in cash the family generated when it sold stock of TD Ameritrade in February.

I will keep you posted on the ownership.

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