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02/23/09 5:52 PM EST

Ricketts resigns from TD Ameritrade

Makes move after selling $403 million in stock to finance Cubs purchase

OMAHA, Neb. -- Tom Ricketts has resigned from TD Ameritrade's board after his family sold $403 million of its stock in the online brokerage to help finance its bid to buy the Chicago Cubs.

The previously disclosed sale of 34 million shares of Ameritrade stock included some of the holdings of Tom's father, Joe Ricketts, who founded Ameritrade. The sale was completed Friday, Ameritrade said in documents filed with the Securities and Exchange Commission on Monday.

The Ricketts family still controls about 17.7 percent of Ameritrade's stock, but it lost one of its three board seats. So Tom Ricketts, who has represented the family in its bid to buy the Cubs from the Tribune Co., resigned.

Tom Ricketts runs Chicago-based investment bank InCapital LLC.

This story was not subject to the approval of Major League Baseball or its clubs.