CHICAGO – Major League Baseball’s Chicago Cubs would privately fund an overhaul of 99-year-old Wrigley Field and construction of an adjacent hotel and plaza under a tentative $500 million plan announced by city and team officials.

The Ricketts family, who bought the team in 2009, had initially sought public subsidies for a $300 million renovation. That proposal relied on bond financing through the Illinois Sports Facilities Authority and diversion of some city amusement taxes to help with repayment.

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