The judge presiding over Chapter 11 bankruptcy of the parent of the Hartford Courant and WTIC Fox 61 TV is set to hear from attorneys regarding Tribune Co.’s sale of the Chicago Cubs baseball team.
Judge Kevin Carey scheduled a hearing today in Wilmington, Del., on a motion by Tribune attorneys outlining a two-step process the company hopes will culminate in the sale of the Cubs to the family of billionaire Joe Ricketts, founder of TD Ameritrade.
The Ricketts family has agreed to buy a 95 percent stake in the team and its Wrigley Field home for $845 million, but the deal must be approved by the bankruptcy court, as well as Major League Baseball.
Attorneys for Chicago-based Tribune have indicated that a separate bankruptcy petition will have to be filed in order to complete the deal. (AP)
