Ricketts' Cubs Buy Not a Done Deal
Source says Tribune Co. still considering second offer
By PEGGY CASSIDY
Updated 1:18 PM CST, Tue, Jul 28, 2009
Just when we thought we could rest easy about the Tribune Company's sale of the Chicago Cubs to the Ricketts family, the company stepped up Tuesday to clarify.
While the Ricketts came to an agreement on a deal Monday, it's not a done deal. It's not finalized. It needs approval from Major League Baseball and, since the Tribune Company is in Chapter 11, it needs the approval of the courts.
So, the company says it has not abandoned its efforts to reach a deal with a second buyer, " group led by New York investor and former Chicagoan Marc Utay," Chicago Breaking News reported.
"They are not as far along as the Ricketts family but making quick progress," said an unidentified source close to the negotiations.
It is expected that with the apparent return of a bidding war over the Cubs, "this is going to come to a head in the next couple of days," a second source said.
First Published: Jul 7, 2009 2:14 PM CST
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