Cubs Sale by Tribune Clears Next-to-Last Hurdle

By: E&P Staff Tribune Co.'s sale of the Chicago Cubs and its iconic Wrigley Field ballpark has cleared its next-to-last hurdle, finally putting an end in sight to a long and sinuous process.

Major League Baseball (MLB) owners unanimously approved the Ricketts family as new owners of the Cubs in a conference call Tuesday.

Before Tribune can get its check for $845 million, the sale must be approved by the Bankruptcy Court overseeing the Chicago media giant's Chapter 11 reorganization. That approval, and the close of the sale, are expected by the end of this month.

"We're extremely pleased that the sales process is drawing to a close, and we are confident that the Ricketts family will be great owners and custodians of the Chicago Cubs," MLB Commissioner Bud Selig said in a statement.

The Ricketts family, who made their fortune from the online discount brokerage TD Ameritrade Holding Corp., has already divided duties in preparation for taking control of the team and ballpark, plus the 25% stake in a regional sports cable television channel. The team's chairman will be Tom Ricketts.