Notes on Cubs sale

Thomas Ricketts is closer to purchasing the Cubs then previously thought. It was said that their was a disagreement over the terms of the team's broadcast contract with Tribune's WGN network that left the two sides as much as $50 million apart on the nearly $900-million deal. Some sort of signing could be reached next week, in the form of a commitment letter.

Commitment letters are formal and legally binding documents that are issued by a lender to a loan applicant. The text of the commitment lender contains an offer to extend a loan to the applicant. Within the content of the letter, the exact terms and conditions involved with the loan commitment are specified.

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This story was approved by Chicago Cubs Blog-Phil Wilson