Ricketts family to acquire 95% stake in Cubs Franchise in $845 million transaction
Ricketts to Take 95% Ownership of Chicago Cubs, Wrigley Field and Tribune’s Interest in Comcast SportsNet
The Ricketts family has signed a definitive agreement with Tribune Company to acquire a 95 percent interest in the Chicago Cubs National League Baseball Club, Wrigley Field and Tribune’s approximately 25 percent interest in Comcast SportsNet (CSN) in a transaction valued at $845 million. The Ricketts family will have management control of the joint venture as its 95 percent owner. Tribune will retain a five-percent ownership interest.
“Our family is thrilled to have reached an agreement to acquire a controlling interest in the Chicago Cubs, one of the most storied franchises in sports,” said Joe Ricketts. “The Cubs have the greatest fans in the world, and we count our family among them. We look forward to closing the transaction so that we can begin leading the Cubs to a World Series title.”
The Ricketts family reached the agreement with Tribune after a thorough bid process that began more than two years ago. Tribune intends to proceed to a final transaction close without soliciting further bids from other parties.
“This joint venture will provide dedicated, local family ownership and management for the team,” commented Tribune Chairman Sam Zell. “The Ricketts family will be a great steward of the franchise. They have a strong respect for the team, for the fans and for what the Cubs mean to the City of Chicago.”
Final closing of the agreement is dependent upon approval by Major League Baseball owners and bankruptcy court approvals. As part of the court’s approval process, the entity holding most of the assets of the Cubs franchise will voluntarily file for Chapter 11 protection so that the franchise can emerge free and clear of Tribune Company’s financial obligations. All obligations specific to the Cubs franchise – player contracts and agreements with sponsors, broadcasters, advertisers, suppliers and ticket holders – are not expected to be impacted by the court approval process, and there should be no interruption of team operations. The court is expected to rule on approval of the transaction early in the fourth quarter of 2009.
Source: Tribune Company
Collective Bargaining: NBA Team Owners Conspire to Lower Player Salaries in New Novel
Many people express the opinion that professional athletes believe less in the spirit of the sport than in the multimillion dollar price tag attached to player status. In her new book, “Collective Bargaining: Taking Control Away From the Players!” (published by AuthorHouse) Kelly Wilken offers a fictional account of what happens when NBA team owners decide to strike back against this perceived greed by hitting season draft picks where it hurts — the wallet.
The story begins in the office of James Mitchum IV, owner of the Houston Tornados. Astounded by the 20 million dollar salary he is expected to pay his number-one draft pick, Mitchum formulates a plan that will involve every NBA team owner and shake the foundation of professional basketball.
After the season’s draft picks enjoy their night in the spotlight at Casey Center in New York, the agents step in to begin the annual bargaining ritual that brings big bucks to their clients. This year, they are in for a shock. Unbeknownst to them, Mitchum has convinced every team owner to support him in revamping the pay structure for incoming players. Every rookie receives a certain amount, no matter their place in the pick. Negotiations are out. The agents cry foul and embark on a mission to fight the conspiracy. In the middle are the players, who must decide what is more important — playing the game they love or making the millions they expected to be part of the package.
Wilken centers her story around two young athletes, Marcus Wilkerson, the number-one draft pick, and Tyson Williams, the number-four pick. The young men come from two different worlds, but they both believe one thing: the NBA owes them millions of dollars.
“Collective Bargaining” also explores the differences between American athletes and those from other countries. For the international draft picks, the unfolding drama about players’ salaries has an entirely different meaning, and Wilken delves into how cultural backgrounds may impact the response to such drastic changes to player contracts.
As the story unfolds, Wilken takes readers from state to state, following the choices each player must make. In the final chapter, decisions come to light and readers discover what wins out — passion for sport or lust for money.
Kelly Wilken was born in Youngstown, Ohio. She served more than 20 years in the U.S. Navy, working in London, England, as an administrative specialist. She also lived in Stuttgart, Germany, and Misawa, Japan. Her service in the military included work in intelligence, security and aviation administration. Serving aboard two military ships, the Steamship PFC Eugene A. Obregon and the Motor Vessel 2nd Lt. John P. Bobo, Wilken visited foreign ports around the world. She retired from the Navy in 2000 and now works as a classification specialist for the federal government. She holds an Associate of Arts degree in business administration, Bachelor of Science Degree in management, and a Master of Science degree in human resource management. Wilken lives in Carlyle, Ill., with her husband, retired Master Sgt. Alan Wilken of the U.S. Air Force. They have one daughter, Jessica. “Collective Bargaining” is her first novel.
Source: AuthorHouse