Judge presiding over Tribune bankruptcy hears motions on Cubs sale

Tribune bankruptcy judge considers Cubs sale

WILMINGTON, Del. — The judge presiding over Tribune Co.’s Chapter 11 bankruptcy case has approved an expedited process for court action surrounding the company’s sale of the Chicago Cubs baseball team.

The family of billionaire Joe Ricketts, founder of TD Ameritrade, has agreed to buy a 95 percent stake in the team and its Wrigley Field home for $845 million.

Judge Kevin Carey on Monday approved a process that calls for any objections to the sale to be filed by Sept. 17, followed by a Sept. 24 hearing on court approval of the deal.

Carey also granted Tribune’s motion for proposed break-up fees ranging from $5 million to $20 million if the deal does not close.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

WILMINGTON, Del. (AP) — The judge presiding over Tribune Co.’s Chapter 11 bankruptcy case is set to hear from attorneys regarding the company’s sale of the Chicago Cubs baseball team.

Judge Kevin Carey scheduled a hearing Monday 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 Omaha, Neb.-based 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.

Tribune attorneys have indicated that a separate bankruptcy petition will have to be filed in order to complete the deal.