Zell sells Cubs for $900M | Bleader

Thursday, January 22, 2009

Zell sells Cubs for $900M

Posted By on 01.22.09 at 06:59 PM

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The Trib is reporting that the Cubs have been sold (pending MLB approval) to the Ricketts family, who live in Wilmette and whose money comes from TD Ameritrade. $900 million was the magic number, and it includes not just Wrigley but 25% of Comcast SportsNet. Forbes estimated the team's value at $592 million in 2007, but $900 million is within the high range of estimates that have been kicked around for the past year or two. According to econ prof Andrew Zimablist, that's the ego premium. Earlier this month, Mark Cuban said anything near $1 billion was too high for him.

The family's ringleader in the deal, Tom Ricketts, is a U. of C. GSB grad and investment banker. He met his wife in the bleachers at Wrigley. Here's some good background on his company, Incapital.

 

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