WSJ: Cubs Win Freedom As Zell Sells
A late Wall Street Journal report claims that Sam Zell, the CEO of Tribune Company, which owns the Los Angeles Times, plans to sell the Chicago Cubs baseball team to the Ricketts family, whose "bid, led by Chicago financier Tom Ricketts, son of J. Joe Ricketts, the founder of TD Ameritrade Holding Corp., is valued at nearly $900 million." The WSJ attributed its source to a pair of unidentified people involved in the bid.
"Mr. Ricketts' main selling point," the Journal says, "was offering 50 percent of the purchase price in cash, with the rest financed. The other offers included more debt."
Apparently Sam Zell is not a man to trade property for debt.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss LA Weekly's biggest stories.