Sources: Cubs sale talks make progress

CHICAGO, June 27 (UPI) -- The Tribune Co. and the Ricketts family have made progress in closing a sale for the Chicago Cubs baseball team and Wrigley Field, sources say.

Sources familiar with the matter told Saturday's Chicago Tribune the parties have made "good progress" in the long negotiations, one day after Tribune Co. officials said they were "assessing other alternatives" in seeking a sale of the National League team.

Negotiations reportedly stalled weeks ago when the bankrupt media company, which also owns the Chicago Tribune, couldn't agree with the Ricketts family on how to arrive at a valuation for the team's broadcast rights. But since then, sources say progress has been made.

"We're closing the gap," one source told the Tribune. "The attitudes are much more positive."

A second source said he didn't "want to speculate why, but momentum has picked up."

The Tribune said it may be because media company has reopened talks with a previously failed bidder for the Cubs and Wrigley Field -- a group led by New York investor and former Chicago resident Marc Utay.