Who is Thomas S. Ricketts? All to know about the owner of the oldest baseball team
Thomas S. Ricketts, one of the biggest names in Major League Baseball, has done wonders for the Chicago Cubs. Ever since the Ricketts family became the owner of the Chicago Cubs on October 27, 2009, they have transformed the Cubs like no one else. Everyone knows how Ricketts’ love for the Chicago Cubs since his childhood made him move to Chicago for college, and fortunately, he was the one selected for the Cubs’ winning bid in 2009.
This sale turned out to be a deal-breaker as the Ricketts family garnered 95 percent interest in the Chicago Cubs, along with the Tribune Company’s 25 percent interest in Comcast SportsNet, culminating in a total value worth $845 million. However, the Ricketts’ family holds the control over the joint venture at the maximum percentage.
What does he do? What is his net worth? Into the business side of the billionaire owner
Being one of the oldest baseball clubs has its own set of advantages. The Chicago Cubs are currently worth $4.225 billion, as calculated in 2024. All thanks to the Ricketts family, who made it possible by making good investments in players, scouting, and development, and also to the fans who instilled their faith in the Cubs for a long time.
Thomas S. Ricketts’ net worth is huge considering that he is the son of billionaire, J. Joseph Ricketts, who had a net worth of US$2.3 billion, as recorded in 2018. Considering the business side, Ricketts is the chairman and former CEO of Incapital LLC, which later got into a merger with 28 CapMarkets to develop InspereX, which focused on improving the distribution of income and trading activities. As of now, the Cubs are valued at $4.225 billion, and Ricketts’ net worth is $2.3 billion currently.
How long has he been handling the cubs? Timeline of Thomas S. Ricketts’s entry into the Cubs
The Ricketts family owned the Chicago Cubs on October 27, 2009. Tom Ricketts became the board chairman, taking 95% of the ownership of the Chicago Cubs, Wrigley Field, and also gaining 25% of the ownership of Comcast SportsNet Chicago. Although the Tribune sought a 5% stake, the Cubs finally managed to acquire the remaining stake in 2019. However, amid the ownership of the Cubs with his siblings, Tom Ricketts shares some of his upcoming plans and the key challenges he faced.
What are his plans with the Chicago Cubs? Know the answer
During a recent interview conducted by CNBC’s Alex Sherman, Tom Ricketts has his say on the end of the decade-long television rights deal between ESPN and MLB. According to Ricketts, it’s also a major challenge to compete with big-market teams like the Los Angeles Dodgers and New York Mets, who spend huge amounts. “Well, I think for us, our strategy has been the same since day one. And that’s been consistent, and try to make the playoffs,” Ricketts was quoted saying, indicating that their main focus remains on making it to the playoffs; however, they do not have much to do with the dollars that other teams have.
Tom Ricketts has instilled faith in Jed Hoyer, the Cubs’ president, who has turned the Cubs’ fate back from the bad years that they had earlier. Ricketts also talked about having a strong farm system, and with the inclusion of multiple free agents over the last few years, they would definitely look to get back in the mix this year. But that’s not all!
When asked about the impact of private equity on the MLB, Tom Ricketts said, “Yeah, I think it is a net positive, and I do expect it to continue.” He believed that private equity firms have diversified assets, and just having limited partnership stakes could be a great and eventful thing to happen. And given that the money is going to increase the value of teams as well as improve the liquidity for the limited partners, it might be a valuable investment that Ricketts is planning for in the upcoming times.
To whom is he married? Meet Cecelia Rickets
For anyone who doesn’t know who Tom Ricketts’ wife is, Cecelia Ricketts is a certified dermatologist. Her practice of dermatology involves medical, cosmetic, and surgical dermatology, along with educating patients about the particular dermatological condition and the specific treatment plan that will work for them. While Ricketts juggled his business interests with his ownership of the Cubs, his wife has always stood by his side. They have five children as well. However, recently, the Cubs’ chairman and owner, Tom Ricketts, and his wife, Cecelia, have sold their vintage Colonial-style mansion located in Wilmette for a hefty $2.5 million.
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