As a rabid sports fan and a financial blogger, I couldn't let this news slide untouched across my desk. It appears that the Chicago Cubs are about to be sold to the Ricketts family.

The Tribune Company has been trying to sell the Cubs for more than two years in order to reduce the company's debt, and the Ricketts family has stepped to the plate. Back in January the Ricketts family agreed to buy the team and other assets for $900 million, and the recent terms are reportedly very similar to that.

Perhaps this is a post-season tilt that the Cubbies may actually be able to win. Sorry Chicago, but this blogger is a dyed-in-the-wool Cincinnati Reds fan ... and I love to take cheap shots at the competition whenever I can.

You see, the Cubs are suing Under Armour, Inc. (NYSE: UA) for breach of contract (check out SportsOneSource Media for the heads up). The UA logo is emblazoned on the left-center and right-center field doors embedded in the iconic ivy walls of Wrigley Field.

The Ricketts family has agreed to buy the Chicago Cubs franchise for close to $900 million. The deal includes the baseball team, Wrigley Field, and a 25% stake in Chicago's regional sports network. The deal is expected to close within 60-90 days.

The Ricketts family fortune comes from its patriarch J. Joe Ricketts who founded TD Ameritrade (NASDAQ: AMTD), and is expected to be sufficient to remake the perennial also-rans into legitimate contenders.

While Sam Zell's sale of the team was made more urgent by the declining fortunes of Tribune and its huge debt load that led to bankruptcy, the Cubs don't appear to be selling at a firesale price. Back in April Forbes estimated the team's value at $642 million, including the stadium. But Forbes added that "The new man in charge at Tribune is Samuel Zell, who will likely sell the Cubs to reduce debt, for between $650 million and $1.3 billion, depending on whether or not 94-year-old Wrigley Field and Tribune's 25% stake in local sports cable channel Comcast SportsNet Chicago are included."

The offer was made more attractive by the fact that it was 50% cash, substantially more than other competing bids. With the debt markets the way they are right now, offers contingent on financing are not especially compelling.

The Cubs haven't won a World Series in 101 years, but they may have just taken a big step toward that goal.

This post is part of our feature on Money Losers of 2008. See all 20.

When Sam Zell acquired the Tribune Co. in April 2007 for $8.2 billion in cash, pundits speculated about whether the "grave dancer" who had made billions in distressed real estate had bitten off more than he could chew. The overwhelming evidence indicates that is exactly what happened.

Even by the very low standards of the newspaper industry, Tribune was a disaster. Many of its papers were big-city dailies that have been hit especially hard from the move by advertisers online. The Los Angles Times, the flagship paper of the old Times Mirror chain, experienced both the biggest declines in circulation and in newsroom employees, according to a New York Times report from October. During the third quarter, operating expenses in the publishing business rose 6% to $640 million while operating revenue plunged 13% to $654 million. It's no surprise that there have been boatloads of layoffs in the division.

The broadcasting business has also been hurt by soft advertising at the company's 23 television stations. Mark Cuban's efforts to buy the company's Chicago Cubs have reportedly been held up because the the loud-mouth billionaire's problems with the SEC. The fact that many businesses are finding it impossible to get a line of credit does not help either.

Sam Zell is looking to unload the Chicago Cubs baseball franchise that came with his ill-timed $8.2 billion acquisition of Tribune Media Co., and the most aggressive suitor appears to be dot-com billionaire Mark Cuban. The New York Times reports that he offered $1.3 billion for the the team, Wrigley Field, and the team's stake in Comcast SportsNet Chicago.

But of course, Cuban, who has accumulated $1.7 million in fines during his tenure as owner of the Dallas Mavericks, is not without his critics, to say the least. He's too arrogant, too brash, and not gentlemanly enough, they say. He had trouble cracking into the old boy's network of the NBA, and Major League Baseball is said to be even more reluctant to change.

But if Cuban is the high bidder -- and the league will let him in -- it'll be a great day for the Cubs and for baseball. The team hasn't won a World Series since 1908 but, given Cuban's deep pockets and superhuman competitive drive, the Cubs would likely get the extra boost they need to finally win one. Plus, Cubs and Cuban have the same first three letters, so it's pretty much meant to be.

Baseball has dealt with a lot of scandal lately involving performance-enhancing drugs, and it's about time we added a passionate renegade to the current regime of old bureaucrats. And yes, I'm talking to you Ted Lerner.

The Sam Zell-owned Tribune Co. is selling its prized baseball team, the Chicago Cubs, and opening bids are due today.

Reuters reports that 10 parties have been approved by Major League Baseball to make bids, and the team could fetch over $1 billion. Potential bidders include a group led by taxi tycoon Andew Murstein, including Hank Aaron and Jack Kemp, and the usual band of moguls. But if you want to see some passion restored to baseball, you have to be routing for internet billionaire Mark Cuban, the flamboyant owner of the Dallas Mavericks.

Cuban has the cash and he's the one guy who would probably be willing to commit the resources to make the company a champion for the first time since 1909.

Murstein's, who is vice chairman of Sports Properties Acquisition Corp. (AMEX: HMR) told Reuters that "We're not going to chase the deal. With us, it's not going to be an ego buy."

For disenchatned Cubs fans, a billionaire on an ego trip would be the best buyer.

Sam Zell formally completed his buyout of the Tribune Company yesterday. It only cost $8.2 billion and months of difficult negotiations -- but now he can go out and get the pitching his newly acquired Chicago Cubs have long needed to win it all. Well, maybe not. Word on the street is that he plans to sell the Cubs and Wrigley Field for a cool billion as soon as he can.

Zell has made it clear that he plans on allowing the various units within the Tribune Company to stand on their own feet. By his count, there are over 60 entities within the company, and each one needs to strike out on its own. As Zell put it, "As I've said over and over again, there are something like 60 entities in the Tribune Co. and I view it as 60 ways to get lucky."

The Boston Red Sox won the World Series last night, so what is the baseball world buzzing about today? In the same way that the antics of train wrecks like Britney Spears steal headlines away from others with worthy accomplishments, we are writing about the Yankees and their messy divorce from future Hall-of-Famer Alex Rodriguez. Yesterday, A-Rod's agent, Scott Boras, announced that the third-sacker would take his option to terminate his 10-year, $252 million contract early and put himself up for auction.

In the typical classy Yankee way, Steinbrenner the Lesser, Hank, took the opportunity to blast the player, telling the New York Daily News, "He doesn't understand the privilege of being a Yankee on a team where the owners are willing to pay $200 million to put a winning product on the field."

After years of being crucified by the New York press, fans and front office for failing to hit enough to overcome a minor-league starting rotation and a gaggle of overpaid, over-aged teammates, who wouldn't want out?

The question now is who will step forward to pay A-Rod more than his previous contract? No other team enjoys the Yankees' attendance or media income. Fortunately, we're not talking Wall Street, but baseball, and business economics are not its forte. Remember that A-Rod signed his huge contract with Texas, who, when they came back to their senses and realized they couldn't cover that salary, were forced to deal him to New York while agreeing still to cover part of his salary.

Boras, known as the superagent, is too shrewd to make such a move without confidence that a least a couple of teams will contend to sign the best player in baseball. The Chicago Cubs could use his talents, although last year's signing of Alfonso Soriano tied up a lot of Chicago's cash. The Cubs could also go on the block soon, as well, and a lot of debt might not help that.

Most mergers are driven by the notion, sometimes wildly mistaken, that the combination will bring both a competitive advantage. Some pairs of companies, however, seem so intuitively right for one another, no bottom-line considerations should be allowed to interfere with their matrimony. Like a foul ball and a plate glass window, these two were meant for one another.

Pity the poor Chicago Cubs fan. The modern Sisyphus has spent a century coaxing his baseball team to the verge of greatness, only to see it collapse into a pile of baseline chalk time after time. The 2007 season was especially painful, after investing $136 million in slugger Alfonso Soriano and inking one of the game's best managers, Lou Piniella. The team eked into the playoffs, only to be swept in three games by the Arizona Diamondbacks.

The Cubs are part of The Tribune Company (NYSE: TRB), currently in the process of being bought by Sam Zell. Many expect the Cubs to be sold when/if this deal is completed.

Given that the Cubs have provided a century of heartbreak to the windy city, perhaps the team should merge with a company that can make money off of fans' paroxysms. Emergency Medical Services (NYSE: EMS) could be such a partner.

Many people are puzzled over Sam Zell's highly leveraged $8.2 billion purchase of the Tribune Co. in light of the decline in the newspaper business. One of the diamonds in the deal, however, is the Chicago Cubs, and indications are that he intends to quickly mine that gem for all it's worth.

According to the Los Angeles Times, the Tribune Co.'s (NYSE:TRB) avowed intention to sell the Cubbies may be considerably more complex than most franchise sales. The Tribune owns not only the ball club, but also the ballpark, and 25% of the cable TV network that carries its broadcasts, and could choose to sell them separately.

The Cubs, despite a century-long title drought, continue to draw capacity crowds to legendary Wrigley Field, over three million last year alone. This year, to the surprise of most prognosticators, the team is fighting for the NL Central pennant, great timing for the sellers. According to Forbes, the team alone is currently worth $592 million, on an operating income of $22 million.

Two of the major newspaper companies reported second-quarter earnings today. The New York Times (NYSE: NYT) reported EPS of $0.34 from continuing operations compared with $037 in the second quarter last year, before items. Tribune Company (NYSE: TRB) reported EPS from continuing operations of $0.17 compared with $0.53 in the second quarter of 2006. Those earnings were brought down by about $0.30 in one-time charges related to job cuts and write-offs.

Tribune is expecting to be acquired by mogul Sam Zell through a complex process where employees would own a large portion of the company but, according to the Associated Press, "Now the industry's accelerating decline has some Wall Street experts wondering whether the deal for the parent company of the Chicago Tribune, Los Angeles Times and Chicago Cubs could fall apart." Revenues decreased 7% in the quarter and while the company remains publicly confident in the deal's prospects, the stock will plunge if it doesn't go through.

Shares of the New York Times soared on the news of Rupert Murdoch's bid for Dow Jones (NYSE: DJ). It has since given up all those gains as investors realized that was a one-shot deal rather than a sign of some new paradigm where the newspaper industry is something other than a declining wreck.

Tribune's saving grace has been the fact that its non-newspaper properties are performing well, but the industry continues its free fall. Advertising revenues fell 5.7% at the New York Times.

The newspaper industry remains one of the ultimate contrarian bets and, if the industry does somehow stage a turnaround, believers will be richly-rewarded. But none of these stocks are for the faint of heart, and I'll be staying far away for now.

"June swoon." "Lovable losers." "Completely Useless By September." The beleaguered and disrespected Chicago Cubs are a storied franchise with an historic ballpark, enthusiastic and loyal fans, and a supposed "curse" that has followed the team for nearly a century. In recent years, things have rolled even further downhill. In 2003, one misguided fan contributed to the team's elimination from the National League Championship Series. In 2005 and 2006, Cubs fans had to watch as their respective cross-city and division rivals, the Chicago White Sox and the St. Louis Cardinals, earned the World-Champion title.

For the boys in blue, it's time for a change, and maybe a new owner is just what the club needs as it approaches the 2008 season, marking the 100-year mark from the Cubs' last World-Series victory. For the past 26 years, publishing firm Tribune (NYSE: TRB) has owned the ball club, but as it progresses through its $8.2 billion buyout to Windy City real-estate mogul Sam Zell, it is planning a sale of the Cubs for somewhere close to $1 billion (Tribune acquired the team in 1981 for $21 million.) The deal, record-setting for the sporting world if it tops $1 billion, would include the ivy-covered walls of Wrigley Field and a 25% stake in Comcast (NASDAQ: CMCSA) Sportsnet Chicago.

Tribune Co. (NYSE: TRB) is close to accepting Sam Zell's $8 billion offer to take the company private, ending a soap opera that's gone on for too long.

The owner of the Los Angeles Times and Chicago Tribune will probably reach an agreement with Zell by a self-imposed deadline of March 31, people familiar with the matter told Bloomberg News. Zell's offer values Chicago-based Tribune at $33 a share, a 6.8 percent premium over yesterday's close.

Zell plans to create an employee stock ownership plan to finance the debt needed for the acquisition, Bloomberg says, adding that billionaire plans to keep the company in tact.

Tribune should take Zell's money and run as fast as it can to the bank.

I've questioned before whether the grave dancer really understands what's he has gotten himself into. If Zell is a success, I will gladly admit that my skepticism is wrong. Still, I bet that this isn't the last private equity deal among newspaper publishers.

Gannett Co. (NYSE:GCI) and McClatchy Co. (NYSE:MNI) would seem like logical candidates to go private. Though like other publishers they are struggling, Wall Street has considered both companies to be well run. McClatchy's reputation, though, took a hit when it acquired Knight Ridder. Gannett has the advantage of owning both USA Today and strong local media franchises.

All newspaper publishers are better off out of the public markets.

In late December, Avista Capital Partners agreed to pay $530 million for the Star Tribune, less than half of what McClatchy paid for it in 1998. The deal comes amid growing concerns about the future of newspapers, which are facing competition from the Internet. But in spite of the ugly long-term outlook for newspapers, they may make an interesting investment for now.

For starters, Avista is purchasing the newspaper for 6.5 times its cash flow. Newspapers don't have the large capital expenditure requirements that many more booming businesses do. The industry is in decline, but it's still making money. I'm reminded of a profound statistic that I first read about in Jeremy Siegel's book The Future for Investors: Since 1957, railroad stocks have outperformed airlines, trucking, and the S&P 500.

This is of course not attributable to dramatic growth in the railroad industry. Rather, most investors saw that the companies were in decline and the share prices were driven down, and then provided a good return. The moral of the story: valuation matters. Most stocks are a good deal at the right price.

Are newspapers the new railroads? There are numerous similarities. Railroads were replaced by airplanes and trucks, but the railroad stocks were the better investment. Newspapers are being replaced by the Internet, but that in no way means that Internet stocks are better buys. Here's a quick look at some of the bigger newspaper stocks:

• Gannett (NYSE:GCI): Owner of 91 daily newspapers, including USA Today. The also own around 1,000 non-daily publications. Trades at around 11 times cash flow.
• E.W. Scripps (NYSE:SSP): Owns some newspapers, but also television stations, including HGTV and the Food Network. Also owns Shopzilla.
• Tribune (NYSE:TRB): Trades at around 8 time cash flow. Owns 11 daily newspapers, the Chicago Cubs, television stations, and other media interests.