Major League Baseball

Report: Sale of Cubs, Wrigley Field imminent

Published Aug. 21, 2009 2:16 p.m. ET

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The sale of the Chicago Cubs is imminent according to a published report Friday.

More than a month after Tribune Co. agreed to sell the team and other assets to the Ricketts family, The Chicago Tribune reports the two sides are close to completing the paperwork and signing an agreement.

Tribune Co. reached a preliminary agreement with Tom Ricketts' family in January but had recently reopened discussions with a group led by New York investor Marc Utay, the paper reported.

Reports have pegged the sale price at about $900 million for the team, Wrigley Field and 25 percent of Comcast SportsNet Chicago. Lawyers have been working on structuring the sale in a way that would reduce tax liabilities for Tribune Co., which bought the team and stadium for about $20 million in 1981.

Once the definitive agreement is reached, Tribune Co. must gain additional approvals in the aftermath of filing for bankruptcy protection in December. Though the Cubs were not included in the bankruptcy filing, the company could place the team in bankruptcy to speed up court approval of the sale.

Spokesmen for both parties declined to comment, the paper reported.

Major League Baseball owners must also give final approval to the ownership change.

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