The Cubs are awating their new owners AP Photo/Al Behrman
The exclusive negotiating period between the Chicago Tribune company and the Ricketts family expired last week. While the two sides continue to try and reach a deal the Tribune company is free to back out of the deal and solicit new offers for the Chicago Cubs.
The main sticking points seem to be how much control the Tribune company, through its other media outlets, will have over the Cubs after the sale is completed.
The Cubs are reportedly worth some 900 million dollars but the Ricketts family is seeking a 40-50 million dollar discount on that price since the Tribune company has been paying below market rates for the rights to broadcast Cubs games.
The Tribune company owns WGN-TV, WGN Radio, and the Comcast Sports Net Chicago Channel. The complete deal is reported to be for the Cubs, Wrigley Field, and a 25% stake in the regional cable network.
The Tribune company has stated that the agreement the two sides completed in November outlined what WGN’s role would be once the sale is completed.
It is still expected that the Ricketts family will be able to close the deal since the MLB is not likely to be very happy for the Cubs to continue to be on the market for the third straight year.
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