Major League Baseball owners on Tuesday gave unanimous approval to the deal by Tribune Company to sell the Chicago Cubs to the Ricketts family. The sale is expected to close by the end of this month.
The proceeds from the sale will put several hundred million dollars in the coffers of the Tribune Company, which is in Chapter 11 bankruptcy reorganization. The price is reportedly $825 million. In addition to the baseball team, the buyers get Wrigley Field and Tribune’s 25% interest in Comcast SportsNet.
“The Ricketts family is honored to have received the approval of major league baseball owners today. This is a major step forward, but the transaction is not yet complete,” said a statement from the MLB owners-to-be.