According to documents filed with the Securities and Exchange Commission, the Ricketts family recently sold 34 million shares of common stock of TD Ameritrade, the company founded by Joe Ricketts. In connection with the sale of the stock, the Ricketts family lost one of its 3 board seats and Tom Rickets resigned his board seat. Tom Ricketts has been the main player representing the family in the purchase of the Chicago Cubs from the Tribune Co. The Ricketts family still owns approximately 18% of TD Ameritrade’s stock.
This is a good sign that the negotiations between the Tribune Co. and the Ricketts family regarding the sale of the Cubs are moving along at a good pace. The sale probably coincides with a commitment from the Ricketts family that they have the financing to complete the deal. the 34 million shares sold had an approximate value of $403 million.
Tom Ricketts continues to run InCapital LLC, the family’s Chicago-based investment firm. We’ll keep you posted as soon as we hear anything more concrete about the completion of the sale.