Another Complication in Cubs Sale
Broadcasting contracts bogging down negotiations
Sunday, May 31, 2009 | Updated 10:30 AM CST
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It's getting hard to figure out which will take longer, a Cubs World Series championship or the sale of the team.
A dispute over the value of the Chicago Cubs' broadcasting contracts is bogging down the Tribune Co.'s attempt to sell the team to Wilmette, Ill., investment banker Tom Ricketts and his family, the Chicago Tribune is reporting.
Tribune Co. currently controls WGN-TV, WGN radio and Comcast SportsNet Chicago, all of which broadcast Cubs games. The exposure has generated millions of ticket sales at Wrigley Field and significantly increased the value of a team Tribune Co. bought for $20.5 million in 1981.
But the Ricketts family is disputing the value of those broadcast contracts, which has thrown the Cubs' $900 million price tag into question.
The Tribune quotes a source in saying that the Rickett's family will deliver a "comprehensive package" to Tribune Co. this week outlining its latest proposal and a financing package.
Posted Tuesday, Jul 14, 2009 - 4:26 PM CST
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