Deal for Chicago Cubs could close soon: sources

By Ben Klayman

CHICAGO (Reuters) - The Ricketts family's $900 million purchase of the Chicago Cubs from Tribune Co could close soon, despite disagreements on the value of broadcast contracts, two sources familiar with the talks said.

"The sides are not that far apart," said one source, who asked not to be identified. "Hopefully, it will be a matter of a week or two."

On Thursday, Sam Zell, chief executive of bankrupt Tribune Co, indicated a deal with the Ricketts is not a sure thing and the company could sell to others if an agreement was not finalized.

"If the Ricketts deal doesn't get done, I'm sure there will be other ones," Zell told Bloomberg TV.

Tom Ricketts, chief executive of Chicago investment bank Incapital LLC and son of the founder of TD Ameritrade Holding Corp, is leading his family's bid, which was selected in January as the winning offer. A spokesman for the family could not be reached to comment.

Industry observers viewed Zell's comments as a way to pressure the Ricketts family to come to favorable terms.

"It sounds like he's putting pressure on Ricketts," said Robert Boland, professor of sports management at New York University. "The only problem is Zell doesn't have a great deal of leverage. With the bankruptcy problems of Tribune Co, he does need to sell the franchise."

Tribune Co, which owns the Chicago Tribune and Los Angeles Times newspapers, filed for bankruptcy in December due to its heavy debt load and the weak U.S. publishing sector. It put the Cubs, the team's storied Wrigley Field home and a 25 percent stake in a local sports TV network on the block in April 2007, when Tribune agreed to an $8.2 billion buyout led Zell.