Ricketts, Tribune reach deal for Cubs: source

By Ben Klayman

CHICAGO (Reuters) - The Ricketts family has reached a deal to buy the storied Chicago Cubs baseball team from bankrupt media company Tribune Co for slightly less than the original $900 million bid, a source familiar with the deal said on Monday.

"There is a deal between the Ricketts and Tribune Co," said the source, who asked not to be identified because the agreement has not been announced.

Tribune, which has been trying to sell the team for more than two years to reduce the company's debt burden, declined to comment, and a Ricketts family spokesman also declined to comment.

The Ricketts family, led by Chicago investment banker Tom Ricketts, agreed in January to buy the team and other assets for $900 million.

"The terms are very similar," the source said. "It's slightly less than that."

The Rickettses' financing package had already been submitted to Major League Baseball, which now must review the final agreement. Seventy-five percent of the league's 30 owners must approve a deal and then the bankruptcy court must sign off before the Ricketts family can take control of the team.

The deal could close in August, although a later time frame is possible as the deal's terms will be presented to Tribune creditors to gain their support before the offer is officially submitted to the bankruptcy court, the source said. The court's approval process alone could take two to four weeks, bankruptcy attorneys have said.

The agreement still includes Tribune retaining a stake in the Cubs of up to 5 percent as a way to minimize its tax bill on the deal, the source said.