Updated:
Chicago Cubs
Tom Ricketts leads the family ownership group that bought the Chicago Cubs in 2009. Forbes values the franchise at $6 billion.
Chicago Cubs
The Ricketts family acquired the Chicago Cubs in 2009 for $900 million, a record price for an MLB franchise at the time (per Forbes, 2009). Tom Ricketts, the eldest son of TD Ameritrade founder J. Joseph Ricketts, serves as chairman and represents the controlling ownership stake held by the family. The purchase was structured as a leveraged buyout with debt financing, a rare structure for a professional sports team. The Cubs' business operations span three primary revenue streams: live game attendance at Wrigley Field (average 30,000+ per game in recent seasons), media rights through the team-owned Marquee Sports Network (launched 2020), and stadium real estate development (the Wrigleyville district). Player payroll has consistently ranked among the top 10 in MLB, reaching approximately $230 million in 2020 (per USA Today). The team also participates in MLB's revenue-sharing system. The Ricketts family employs roughly 500 full-time staff across baseball operations, business management, and stadium operations (per Crain's Chicago Business, 2023). The ownership group includes multiple Ricketts siblings (Laura, Todd, Pete) who each hold minority stakes. In 2022, the Cubs opened a dedicated training facility in Mesa, Arizona, replacing the former spring training complex. The family's broader investment portfolio includes a stake in Marquee Sports Network (jointly with Sinclair Broadcast Group) and real estate holdings in the Wrigleyville neighborhood. The Cubs' ownership structure differs from most MLB teams because it combines a multi-generational family office approach — the Ricketts Family Office — with a single-asset sports franchise that generates operating income from two distinct gate-driven and media-driven businesses. The debt acquisition model and subsequent asset appreciation represent an unusual capital-stack for a professional sports team.
General information
Firm type
other
Year founded
1876
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Thomas S. Ricketts
Owner and Chairman
Jed Hoyer
President of Baseball Operations
Crane Kenney
President of Business Operations
Sector focus
Frequently asked questions
Who owns the Chicago Cubs, and how is the ownership structured?
The Chicago Cubs are owned by the Ricketts family, led by Chairman Tom Ricketts. The family purchased the team in 2009 for $900 million. Ownership is split among siblings Tom, Laura, Todd, and Pete Ricketts, with Tom holding the controlling stake and serving as chairman. The ownership entity is structured as a holding company.
How is the Ricketts family wealth derived?
The family wealth originates from TD Ameritrade, the online brokerage founded by J. Joseph Ricketts in 1975. J. Joseph Ricketts served as CEO and chairman until the firm's sale to Charles Schwab in 2020 for $22 billion. The family also holds investments in real estate and other assets through the Ricketts Family Office.
What media rights does the Cubs ownership control?
The Cubs launched Marquee Sports Network in 2020, a regional sports network jointly owned by the team (majority) and Sinclair Broadcast Group. Marquee holds the exclusive TV rights to Cubs games, replacing the prior cable contracts. The network is a direct revenue stream for the team and a new asset class for the Ricketts family.
Does the Cubs organization make outside investments beyond the team?
The Ricketts family maintains a separate family office (Ricketts Family Office) that invests in private equity, real estate, and other assets independent of the Cubs. The team itself does not make external investments; its capital is deployed into player payroll, stadium operations, and baseball infrastructure. The two entities are distinct.
What is the Cubs' annual operating budget and revenue footprint?
Forbes estimated the Cubs' annual revenue at approximately $550 million in 2023, driven by ticket sales, concessions, and media rights. Team payroll has historically been among the highest in MLB, peaking at around $230 million in 2020. The team also receives revenue-sharing payments from MLB and generates real estate income from the Wrigleyville development.
Are there external investors in the Cubs ownership group?
The Ricketts family controls the Cubs with no external institutional investors. The siblings hold equity in the ownership vehicle. The structure is a standard single-family controlling interest. There is no publicly traded or fund-based co-ownership.
What is the Cubs' stance on using leverage or debt in operations?
The initial 2009 purchase used debt financing, an unusual move for a sports franchise. The Cubs currently carry debt on Wrigley Field renovations and the stadium development. The team maintains an investment-grade credit profile. Operating debt is managed within MLB's debt service rules.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: