To this point, the Ricketts family owned 95 percent of the Chicago Cubs. That changed late this week as they closed a deal to buy out Tribune Media’s remaining five percent stake in the team, becoming sole owners of the beloved franchise.
In 1981, Tribune Media, then known as the Tribune Co., bought the Cubs from the team’s founders, the Wrigley family, for $21.1 million. For nearly 40 years, the Chicago-area company has had their footprint within the storied organization.
However, in 2011, after the company ran into financial problems and declared Chapter 11 bankruptcy, Chicago Entertainment Ventures, also known as the Ricketts’ family trust, entered a partnership with the Tribune that allotted the family a 95 percent stake in the team.