It is in many ways just a formality, but today marks the first day of the Ricketts Family era in Chicago Cubs and Wrigley Field history.
It is in many ways just a formality, but today marks the first day of the Ricketts Family era in Chicago Cubs and Wrigley Field history.
The team hasn't yet formally announced the transition; the word came from a rep of the family. It is in a formality: the family has in effect been running things for the last several months, mapping the future of the team on a number of issues, including the future of Wrigley Field and a potential new spring-training facility in Arizona.
Here's the full release sent by the family:
Tuesday, October 27, 2009 (CHICAGO) — The Ricketts family says it's official; the family has taken a 95 percent controlling interest in the Chicago Cubs, Wrigley Field and 25 percent of Comcast Sportsnet after a financial closing today.
The closing on the deal, valued at $845 million, completes a more than two year effort that started when Tribune Company put the team, stadium and broadcast interest up for bid. Family members Pete, Tom, Laura and Todd Ricketts will now assume control of the team, forming a board of directors. Tribune Company will retain a five percent interest in the enterprise and also have a seat on the board.
Tom Ricketts, 44, will serve as board chairman and issued the following statement:
"My family and I are thrilled that this day has finally come and we thank Commissioner Bud Selig and Major League Baseball owners for approving our ownership. Now we will go to work building the championship tradition that all Cubs fans so richly deserve.
It's fitting that this closing takes place during World Series week. Out of respect for the Fall Classic, and at the league's request, we will wait to introduce ourselves to the media and fans until this Friday, a travel day in the series between the Phillies and the Yankees."
RELATED STORIES: Cubs, Wrigley Field sale approved by MLB owners; Ricketts family closes on Cubs purchase; Sale of Cubbies could mean Wrigley Field renovations in coming years
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