The judge on Thursday authorized Tribune to enter into transactions to sell the team to the family of billionaire Joe Ricketts, founder of TD Ameritrade. The family agreed to buy a 95 percent stake in the team and its Wrigley Field home for $845 million.
The deal also needs approval from Major League Baseball.
The Tribune plan calls for a separate bankruptcy filing by Chicago National League Ball Club, an affiliate not involved in the company's Chapter 11 case. The CNLBC bankruptcy should last only a few days but is needed to ensure that sale is free of all liens and claims, and that contracts can be assumed and assigned.
By: A federal bankruptcy judge in Delaware has approved the Tribune Co.'s sale of the Chicago Cubs.