Tribune Co. is expected to seal its deal to sell the Chicago Cubs to the family of bond salesman Tom Ricketts by early next week, according to a person close to the transaction.This is the longest sale of a sports team I have seen. Has anyone seen anything longer? Heh, I've been paying more attention to the business aspect of this deal than what's been going on in the Central Division of the National League.
The two sides have been working to formalize terms of a limited partnership between the Ricketts family and Tribune, which is retaining a 5% stake in the franchise to avoid a huge tax hit from the sale.
That agreement likely will be inked by Monday, the source said, preventing Tribune from pursuing deals with other bidding groups. Major League Baseball and a Bankruptcy Court have to sign off on it before the sale goes through.
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