Economy

Chicago Cubs Sold For $845 Million To Ricketts Family Of Ameritrade Fame

The Chicago Cubs baseball team, one of the most storied franchises in American sports and the team for which the phrase "there's always next year" seems to have been coined, was officially sold by the Tribune Co. on Friday more than two years after it was put up for sale.

The team and Wrigley Field, it's beloved ancient ballpark, were sold to the Ricketts family whose wealth comes from TD Ameritrade, the online discount broker, for $845 million in a deal that still must be approved by Major League Baseball.

Tribune, the media giant which is currently being reorganized in bankruptcy court, announced earlier this year that the Ricketts family was the successful bidder for the team.

Tribune will keep a five percent interest in the Cubs.

Tom Ricketts, CEO of Incapital LLC, a Chicago investment bank, led his family's side of the deal. He reportedly met his wife at Wrigley Field and is a true-Cubs blue fan of the North Side Chicago team, which, considering how disappointing the Cubs perennially are, you'd pretty much have to be to stick with them over the decades.

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