Thomas S. Ricketts
Thomas Stuart Ricketts | |
|---|---|
| Born | Omaha, Nebraska, U.S. |
| Occupation | Businessman |
| Years active | 1988–present |
| Known for | Chairman of the Chicago Cubs; co-founder and former CEO of Incapital LLC |
Thomas Stuart Ricketts serves as the chairman of the Chicago Cubs and is also the chairman, co-founder, and former CEO of Incapital LLC, a company that facilitates greater access to corporate bonds for both securities firms and individual investors. Together with his siblings Laura Ricketts and Todd Ricketts, he holds a position on the Cubs' board of directors. He is the son of TD Ameritrade Holding Corporation founder J. Joseph Ricketts, whose wealth was estimated at around US$2.3 billion in 2018.
In January 2009, a purchase offer led by Tom Ricketts on behalf of his family succeeded in acquiring the Chicago Cubs along with associated assets for roughly $900 million. This transaction received unanimous consent from all other Major League Baseball team owners by October 2009. Subsequently, Tom Ricketts was appointed chairman of the Cubs on October 31, 2009. Ownership is held collectively by Tom and his siblings Peter, Laura, and Todd through their family trust.
Early life
Born in Omaha, Nebraska, Thomas Stuart Ricketts is the son of Marlene Margaret (Volkmer) and Joe Ricketts, founder of Ameritrade. Joe Ricketts insisted that his children must prove themselves independently and were not permitted to join TD Ameritrade before reaching the age of 30.
Tom is one among four siblings. His brother Pete Ricketts, who served as Governor of Nebraska from 2015 to 2023, currently represents Nebraska as a junior U.S. Senator. His sister, Laura Ricketts, previously practiced as a corporate attorney. Another brother, Todd Ricketts, held a seat on the T.D. Ameritrade board from 2011 to 2020, currently sits on Charles Schwab's board, and has experience as an entrepreneur and former finance chair for the Republican National Committee.
University of Chicago
In 1983, Ricketts relocated to Chicago to pursue studies at the University of Chicago alongside his elder brother Peter. He completed his bachelor's degree in 1988 followed by an MBA in 1993. Ricketts has been a notable benefactor to the university, including founding the 'New Year Scholarship Fund,' which grants a full undergraduate scholarship to an incoming student.
Chicago Cubs
Following Sam Zell’s acquisition of the Tribune Company in 2007, plans were announced to sell the Chicago Cubs, Wrigley Field, and a 25% interest in SportsNet Chicago to help address Tribune’s financial difficulties. The family group led by Tom Ricketts successfully secured the winning bid on January 22, 2009, offering nearly $900 million; Forbes estimated their stake in the Cubs at $642 million.
Ricketts’ affiliation with the Cubs dates back to his college years in Chicago. He and his brother lived close to Wrigley Field and consider their family longstanding Cubs supporters. The purchase proposal underwent scrutiny by Major League Baseball officials and other stakeholders while maintaining a low public profile until final approval.
On July 6, 2009, terms were agreed upon for acquiring the Cubs franchise, Wrigley Field, and a quarter interest in Comcast SportsNet Chicago. The sale gained unanimous approval from MLB owners on October 6, 2009. The Ricketts family assumed majority ownership (95%) on October 27; Tribune retained a minority (5%) share until it was bought out by the Cubs organization in 2019.
Since gaining controlling interest, Ricketts has encountered criticism for focusing investment efforts primarily on renovating Wrigley Field and its surrounding neighborhood rather than on acquiring or retaining players.
Real estate development near Wrigley Field
Following their acquisition of the Chicago Cubs in October 2009, the Ricketts family made renovating Wrigley Field a top priority. After receiving approval from the city, a substantial renovation project valued at nearly $1 billion began in 2014, encompassing both the historic ballpark and the surrounding properties.
The initiative extended beyond preserving the stadium itself, aiming to establish a public gathering area adjacent to Wrigley Field that would serve as a vibrant, year-round community hub for residents, families, fans, and visitors alike.
On Opening Day in 2017, coinciding with the Cubs’ first season defending their world championship title in a century, The Park at Wrigley was officially opened by the Ricketts family. The ribbon-cutting ceremony featured Chairman Tom Ricketts, business operations president Crane Kenney, Chicago Mayor Rahm Emanuel, and local community representatives.
On March 30, the family launched their inaugural hotel on Clark Street, directly across from Wrigley Field’s main entrance.
"By the conclusion of the 2018 off-season, our initial phase will be finished," Ricketts stated. "However, that does not signal an end to improvements. Given that this ballpark is over a century old, we plan to renovate the upper deck after 2018, which will considerably upgrade the fan experience."
Professional background
Ricketts holds roles as chairman, co-founder, and former CEO of Incapital LLC. Early in his career, he was employed at TD Ameritrade, where he provided customers with stock quotes via telephone.
Mesirow Financial and ABN AMRO
Upon earning his undergraduate degree in 1988, Ricketts joined the Chicago Board Options Exchange as a market maker, a position he maintained until completing his MBA in 1994. He then served as vice president at Mesirow Financial from 1995 to 1996 before transitioning to ABN AMRO as vice president within their brokerage division. During this period, he was instrumental in pioneering technology-driven methods that enabled companies to sell investment-grade bonds directly to retail investors rather than solely to institutional buyers. This innovative approach was launched at ABN AMRO before Ricketts departed in 1999 to establish Incapital.
Incapital LLC
In 1999, Thomas Ricketts co-founded Incapital LLC in Chicago, an investment banking firm concentrating on underwriting and distributing fixed income securities. The company grew to include offices in Boca Raton, Florida and London. As chairman, Ricketts championed technological advancements through Incapital’s InterNotesSM platform while underwriting for leading U.S. corporations and focusing on individual investor markets.
InspereX
In February 2021, Incapital merged with 280 CapMarkets to create InspereX, a fintech company dedicated to improving fixed income distribution and trading among market participants. The merger was finalized in July 2021. Ricketts serves as chairman of InspereX’s board, steering the company’s strategic development within the fixed income sector.