# The Ricketts Family: Owners of Chicago's Cubs and Wrigley Field
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Chapter 1: The Ricketts Family Legacy
The Ricketts family controls 95% of two of Chicago's most cherished institutions: the Chicago Cubs and Wrigley Field. The family's patriarch, Joe Ricketts, has four children—Pete, Tom, Laura, and another sibling. Since 2015, Pete has held the position of Chairman, while his siblings contribute to the Cubs' operations.
Joe Ricketts's exceptional talent in business has made him one of the wealthiest individuals in Wyoming, with a net worth that places him at the top in Little Jackson Hole.
Section 1.1: Who is Joe Ricketts?
Joe Ricketts is a well-known American entrepreneur, recognized as the founder of TD Ameritrade and the owner of the Chicago Cubs. Born in Nebraska City, Nebraska, to Florence and Don Ricketts, he grew up in a household where hard work was deeply valued. His father, who held various jobs from exterminator to carpenter, instilled in him a strong work ethic from a young age.
By the time he was in third grade, Joe had already started working, cleaning restrooms at the local courthouse. He later earned his bachelor's degree from Creighton University in Omaha, Nebraska, financing his education by working as a janitor and in a hospital.
Subsection 1.1.1: The Birth of TD Ameritrade
In 1975, following the deregulation of broker commissions by the U.S. Securities and Exchange Commission, Joe co-founded a discount brokerage firm. This innovation enabled investors to trade at reduced commission rates, leading to the establishment of TD Ameritrade as a major player in the brokerage industry.
Throughout the 1980s and 1990s, TD Ameritrade introduced several groundbreaking features, utilizing technology to simplify and expedite investing. They were the first to offer touch-tone phone trading in 1988 and executed their first online trade in 1994. The company went public in 1997 and has since grown to manage over $1 trillion in assets across 11 million client accounts.
Section 1.2: Acquiring the Chicago Cubs
In 2009, the Ricketts family purchased a controlling stake in Major League Baseball's Chicago Cubs and Wrigley Field, alongside a 25% interest in Comcast SportsNet Chicago. Upon finalizing the acquisition, they faced the challenge of renovating Wrigley Field, aiming to enhance the venue while preserving its historic charm.
In 2019, TD Ameritrade was acquired by competitor Charles Schwab, marking a significant shift in the brokerage landscape. Joe Ricketts stepped down from the board in 2011 to focus on philanthropy and other ventures, including the establishment of a religious retreat center in Nebraska.
Chapter 2: Philanthropy and Political Influence
Joe Ricketts is recognized as a significant contributor to the Republican Party. However, he was taken aback when President Donald Trump endorsed Charles Herbster against the wishes of his son, Pete Ricketts, who was vying for the governorship of Nebraska.
As you consider the kind of impact you could have with wealth like Joe Ricketts's, reflect on what causes you might support.
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