The Ricketts family, who founded online brokerage TD Ameritrade, will buy 95% of the Chicago Cubs baseball team. The deal was finally signed on Friday after months of negotiations between the family and the previous owners newspaper group Tribune Co.
Tribune announced the family was the winning bidder for the sports team in January. (Click here to read out coverage of the story) However, the sale has been delayed by months of negotiations by the parties over sale details.
Joe Ricketts, founder of TD Ameritrade, said: "Our family is thrilled to have reached an agreement to acquire a controlling interest in the Chicago Cubs, one of the most storied franchises in sports. The Cubs have the greatest fans in the world and we count our family among them."
Tom Ricketts, Joe's son, led the purchase of the team and is expected to take the most active ownership role.
Tribune sold 95% of the club and its 25% share in Comcast SportsNet for $845 million in an effort to reduce its debts. The newspaper group will keep a 5% stake in the team.
The family beat off rival offers from Marc Utay, a New York investment banker, and media investor Leo Hindery to clinch the Chicago based team. The sale marks a return to family ownership for the Cubs, who were owned by the Wrigley family for 65 years. The club was sold in 1981 to Tribune Co for $20.5 million.
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