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Jan 26, 2019 · In 1981, Tribune Media, then known as the Tribune Co., bought the Cubs from the team’s founders, the Wrigley family, for $21.1 million. For nearly 40 years, the Chicago-area company has...
Aug 28, 2021 · It was a different time, and the Cubs shareholders meeting approving the sale of the team to Tribune Company (after that bizarre voice vote attempting a delay) happened 40 years ago today.
Aug 21, 2009 · CHICAGO -- Media conglomerate Tribune Co.. announced a definitive agreement Friday to sell all but a 5% stake in the Chicago Cubs and Wrigley Field to the billionaire Ricketts family, capping a tortuous process that began nearly 2 ½ years ago. Tribune valued the transaction at about $845 million.
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Joe Ricketts received an email from an attorney at Foley & Lardner, the law firm the family hired to help shepherd a deal for the Cubs, explaining one of the key components of the Tribune’s sale proposal: the company’s desire to dodge hundreds of millions of dollars in taxes: Attached to that email was a document titled “outline of tax issues,”whic...
In addition to helping the Tribune avoid taxes, the Ricketts had to start thinking about how they were going to finance their purchase of the Cubs, which came with an initial price tag nearing $1 billion. The Ricketts were going to have to borrow money—a lot of money—in order to make a competitive bid, so Foley & Lardner was dispatched to take a lo...
Even though it would ultimately prove unimportant, the debt issue remained a headache for those working on Project North Side. Notes from a conference callthat included Tom, Pete, and Laura Ricketts and a handful of attorneys and financial advisors reveal that the proposed debt structures provided to them by JPMorgan and other banks went far beyond...
Nevertheless, the Ricketts drove ahead, and the next step was to get an in-depth analysis of just how much the Cubs were actually worth. The family dispatched Galatioto Sports Partners (GSP), a company that consults on pro sports transactions, to prepare an investment analysis. The resulting report, which is 102 pages long, was sent around to the f...
The Ricketts found GSP’s report convincing, and on the day of the deadline for opening bids, they sent their initial purchase proposalto the Tribune. At that point, the Ricketts were willing to pay between $950 million and $1.15 billion for the team: The bid also made it clear that the Ricketts were happy to go along with the Tribune’s shady tax-do...
Two days after sending their opening bid, Laura Ricketts, an Obama and Hillary Clinton donor who is the former chairwoman of an LGBTQ Super Pac known as LPAC, sent an email to her father and her brothers Pete (current Republican Governor of Nebraska), Tom (current chairman of the Chicago Cubs), and Todd (current RNC finance chairman), raising for t...
The family received word that they would be moving on to the second round of bidding, and that their team would have access to an “electronic data room” in which they would be able to find all the documents they’d need to complete the due diligence portion of the transaction. Tom shared the news via email, and revealed that private equity mogul Joh...
The family started thinking seriously about how they were going to finance their purchase. The first step in that process was getting yet another presentation from GSP. This was called the “Debt Primer Presentation,”and it explained, in great detail, how and why the family should take on hundreds of millions of dollars of debt in order to buy the t...
The Project North Side team held another conference call, the notes from which were circulated afterwards. A portion of the call was dedicated to recapping a meeting that Tom and Joe Ricketts had with Boston Red Sox management, in which they apparently discussed how much money can be made off stadium renovations and how they might team up to make M...
The family received a benchmarking analysisfrom GSP, which used information about the Cubs obtained from the secure data room, along with various financial assumptions, to paint a picture of the team’s current and projected finances. The analysis presented three projections: a base case, an upside case, and a downside case. Even the downside case, ...
2009. The Ricketts Family becomes owner of the Cubs on October 27, 2009. The sale gives the Ricketts Family 95-percent interest in the Cubs, Wrigley Field and Tribune Company's approximately 25-percent interest in Comcast SportsNet in a transaction valued at $845 million.
Jun 16, 1981 · June 16, 1981. Cubs sold to Tribune Co. CHICAGO -- William Wrigley, the chewing gum magnate whose family has controlled the Chicago Cubs for 60 years through three generations, announced...
Aug 6, 2016 · However, on this day in 1981, Bill Wrigley began the process of selling the team to the Tribune Company, as the National League owners approved of the sale. Even though it has been quite some time since the Wrigley family owned the Chicago Cubs, they still have a presence with the franchise.
