Report: Ricketts Family Wins Bid to Purchase Chicago Cubs

According to reports in both the Chicago Tribune and Chicago Sun-Times, the billion dollar Ricketts family has won a bid to purchase the Chicago Cubs for $900 million dollars. 

Led by 43-year old investment banker Thomas Ricketts, the Ricketts family edged out Chicago real estate investor Hersch Klaff and New York investor Mark Utay. Along with the Chicago Cubs, the purchase includes Wrigley Field, and a 25 percent stake in Chicago's Comcast Sportsnet television network.

Thomas Ricketts, an investment banker, currently resides in Wilmette, Illinois with his five kids and his wife, whom he met in the Wrigley Field bleachers. Thomas's father, Joe Ricketts is known for creating the very popular Internet stock brokerage company TD Ameritrade Holding Corp. 

Maybe the biggest decision for the Ricketts family will be how to renovate Wrigley Field. The goal will be to keep the historical landmark together while making the necessary modern day upgrades. 

The family has exclusive negotiations rights with the Tribune Corporation. Once the financial details are completed, 23 of 30 major league baseball owners will need to approve the sale.

The Tribune Corporation has owned the Cubs for 28 years. Their results on the field were mixed, making the playoffs just six times, but they made their money through the turnstiles, consistently selling out games, something the Wrigley family rarely did.