Utay, Tribune also reach Cubs agreement: sources

By Ben Klayman and Megan Davies

CHICAGO/NEW YORK (Reuters) - Tribune Co has agreed to terms for the sale of the Chicago Cubs to a group led by private equity investor Marc Utay, giving the company two possible offers to submit to the bankruptcy court, two sources familiar with the sale process said on Tuesday.

It is the latest twist in a long-running effort by the bankrupt media company to sell the baseball team famous for its "lovable losers" image. Several people involved said Utay's renewed interest could be a way to pressure the Ricketts family into an improved offer.

On Monday, a source said Tom Ricketts and his family had agreed to terms for the purchase of the team and other assets for slightly less than the $900 million offered in January. The source called it a "handshake" agreement and not a signed document.

One of the sources reporting the Utay group's deal said the new offer is "a higher price but less cash upfront" than the Ricketts' bid.

"I don't think it's completely over yet," said the source, who asked not to be identified because the sale process is continuing. "By the same token, Ricketts has a real edge here."

Tribune, which has been trying to sell the team for more than two years to reduce the company's debt burden, said no agreements are in place.

"We have not reached an agreement on terms with either party," Tribune spokesman Gary Weitman said.

However, a source in Major League Baseball and another source familiar with the sales process said the draft agreement with Ricketts has been submitted for league review. Nothing has been sent in for Utay, the league source said.