Not So Fast: Tribune Agrees To Second Cubs Deal
CHICAGO/NEW YORK (Reuters) - Tribune Co has agreed to terms for the sale of the Chicago Cubs to a group led by private equity investor Marc Utay, giving the company two offers to submit to the bankruptcy court, two sources familiar with the sale process said on Tuesday. It is the latest twist in a long-running effort by the bankrupt media company to sell the baseball team famous for its "lovable losers" image. On Monday, a source said the Ricketts family had agreed to terms for the purchase of the team and other assets for slightly less than the $900 million it offered in January. The source called it a "handshake" agreement and not a signed document.
7 July 2009•3 mins read
